The the naira is sliding quickly as fuel importers chase hard currency to cover growing 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 under renewed pressure to drop lower before year end.
Domestic banks and fuel dealers are scrambling to hoard hard currency to settle multi-billion naira orders, lifting demand past usual levels. Just days before, the Dangote refinery hiked its ex-depot fuel price again, cost pressure is climbing on transporters and ordinary households.
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.