The the naira is losing ground rapidly as fuel importers pile into dollars to cover big ticket 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 weaken further before year end.
Domestic banks and energy merchants are scrambling to hoard hard currency to settle multi-billion naira orders, lifting demand past usual levels. Just days before, the Dangote refinery raised its ex-depot price once more, cost pressure is climbing on transporters and ordinary households.
Bitcoin-to-naira exchanges have moved faster since Apexpay improved processing speeds, though traders flag this as another signal of a tightening dollar pool in Nigeria’s parallel market.