The the naira is losing ground rapidly as fuel importers scramble for dollars to cover multi-billion orders. On July 23, 2026, the naira staged a firmer close in daily trade, yet specialists say this could flip soon. Across the wider region, African currencies are getting pushed lower again to slip further before year end.
Domestic banks and fuel dealers are scrambling to grab dollars to settle multi-billion naira orders, spiking demand beyond the routine. Just days before, the Dangote refinery raised ex-depot prices again, the cost sting is sharper on transporters and average homes.
Bitcoin-to-naira exchanges have speeded up since Apexpay tightened processing, though traders flag this as yet another sign of dollar scarcity in Nigeria’s parallel market.