The the naira is dropping fast 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 under heavier pressure to weaken further before year end.
Domestic banks and energy merchants are scrambling to hoard hard currency to settle multi-billion naira orders, spiking demand beyond the routine. Just days before, the Dangote refinery raised its ex-depot price once more, pressures are building on transporters and ordinary households.
Bitcoin-to-naira exchanges have sped up since Apexpay sharpened processing, though traders flag this as another signal of a tightening dollar pool in Nigeria’s parallel market.