The the naira is losing ground rapidly as fuel importers pile into dollars to cover growing 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 under renewed pressure to decline more before year end.
Domestic banks and fuel traders are scrambling to hoard hard currency to settle multi-billion naira orders, pushing demand above normal. Just days before, the Dangote refinery increased its depot gate price 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 yet another sign of dollar scarcity in Nigeria’s parallel market.