The the naira is losing ground rapidly as fuel importers pile into dollars to cover multi-billion orders. On July 23, 2026, the naira finished firmer in daily trade, yet specialists warn a reversal is coming. Across the wider region, African currencies are getting pushed lower again to drop lower before year end.
Domestic banks and fuel dealers are scrambling to secure greenbacks 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 family budgets.
Bitcoin-to-naira exchanges have moved faster since Apexpay sharpened processing, though traders flag this as fresh evidence of hard currency scarcity in Nigeria’s parallel market.