The the naira is losing ground rapidly as fuel importers scramble for dollars to cover swelling purchase orders. On July 23, 2026, the naira finished firmer in daily trade, yet specialists caution that this may not hold. 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 hoard hard currency 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 ordinary households.
Bitcoin-to-naira exchanges have gained pace since Apexpay tightened processing, though traders flag this as another signal of a tightening dollar pool in Nigeria’s parallel market.