The the naira is losing ground rapidly as fuel importers pile into dollars to cover multi-billion 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 under heavier pressure to slip further before year end.
Domestic banks and petrol marketers are scrambling to lock in dollars to settle multi-billion naira orders, pushing demand above normal. Just days before, the Dangote refinery hiked its ex-depot fuel price again, the cost sting is sharper on transporters and regular families.
Bitcoin-to-naira exchanges have speeded up since Apexpay tightened processing, though traders flag this as yet another sign of dollar scarcity in Nigeria’s parallel market.