The the naira is losing ground rapidly 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 caution that this may not hold. Across the wider region, African currencies are under heavier pressure to decline more before year end.
Domestic banks and energy merchants are scrambling to grab 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 average homes.
Bitcoin-to-naira exchanges have moved faster since Apexpay tightened processing, though traders flag this as another signal of a tightening dollar pool in Nigeria’s parallel market.