The the naira is sliding quickly as fuel importers scramble for dollars to cover multi-billion orders. On July 23, 2026, the naira staged a firmer close in daily trade, yet specialists warn of a quick reversal. Across the wider region, African currencies are under renewed pressure to drop lower before year end.
Domestic banks and fuel dealers are scrambling to grab dollars to settle multi-billion naira orders, driving demand past everyday levels. Just days before, the Dangote refinery raised ex-depot prices again, cost pressure is climbing on transporters and average homes.
Bitcoin-to-naira exchanges have gained pace since Apexpay improved processing speeds, though traders flag this as another signal of a tightening dollar pool in Nigeria’s parallel market.