The the naira is dropping fast as fuel importers scramble for dollars to cover growing orders. On July 23, 2026, the naira closed firmer in daily trade, yet specialists warn a reversal is coming. Across the wider region, African currencies are under heavier pressure to slip further before year end.
Domestic banks and petrol marketers are scrambling to grab dollars to settle multi-billion naira orders, lifting demand past usual levels. Just days before, the Dangote refinery raised ex-depot prices again, adding to cost pain on transporters and average homes.
Bitcoin-to-naira exchanges have sped up since Apexpay tightened processing, though traders flag this as yet another sign of dollar scarcity in Nigeria’s parallel market.