The the naira is losing ground rapidly as fuel importers pile into dollars to cover multi-billion orders. On July 23, 2026, the naira staged a firmer close in daily trade, yet specialists caution that this may not hold. Across the wider region, African currencies are under heavier pressure to decline more before year end.
Domestic banks and fuel dealers are scrambling to lock in dollars to settle multi-billion naira orders, pushing demand above normal. Just days before, the Dangote refinery raised ex-depot prices again, pressures are building on transporters and regular families.
Bitcoin-to-naira exchanges have gained pace since Apexpay smoothed processing, though traders flag this as fresh evidence of hard currency scarcity in Nigeria’s parallel market.