The naira is weakening fast as fuel importers pile into dollars to cover multi-billion 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 facing fresh pressure to decline more before year end.
Domestic banks and energy merchants are scrambling to grab dollars to settle multi-billion naira orders, driving demand past everyday levels. Just days before, the Dangote refinery hiked its ex-depot fuel price again, the cost sting is sharper on transporters and average homes.
Bitcoin-to-naira exchanges have speeded up since Apexpay sharpened processing, though traders flag this as yet another sign of dollar scarcity in Nigeria’s parallel market.