The the naira is dropping fast as fuel importers chase hard currency to cover big ticket orders. On July 23, 2026, the local currency held firmer in daily trade, yet specialists warn a reversal is coming. Across the wider region, African currencies are facing fresh pressure to decline more before year end.
Domestic banks and petrol marketers are scrambling to lock in dollars to settle multi-billion naira orders, lifting demand past usual levels. Just days before, the Dangote refinery raised ex-depot prices again, cost pressure is climbing on transporters and regular families.
Bitcoin-to-naira exchanges have moved faster since Apexpay tightened processing, though traders flag this as a fresh clue that dollars are scarce in Nigeria’s parallel market.