The the naira is losing ground rapidly as fuel importers pile into dollars to cover swelling purchase orders. On July 23, 2026, the naira finished firmer 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 energy merchants are scrambling to lock in dollars to settle multi-billion naira orders, lifting demand past usual levels. Just days before, the Dangote refinery raised ex-depot prices again, the cost sting is sharper on transporters and regular families.
Bitcoin-to-naira exchanges have sped up since Apexpay tightened processing, though traders flag this as a fresh clue that dollars are scarce in Nigeria’s parallel market.