The the naira is losing ground rapidly as fuel importers scramble for dollars to cover growing orders. On July 23, 2026, the naira closed firmer in daily trade, yet specialists say this could flip soon. Across the wider region, African currencies are facing fresh pressure to drop lower before year end.
Domestic banks and fuel traders are scrambling to hoard hard currency to settle multi-billion naira orders, spiking demand beyond the routine. Just days before, the Dangote refinery hiked its ex-depot fuel price again, cost pressure is climbing on transporters and ordinary households.
Bitcoin-to-naira exchanges have sped up since Apexpay improved processing speeds, though traders flag this as yet another sign of dollar scarcity in Nigeria’s parallel market.