The the naira is sliding quickly as fuel importers scramble for dollars to cover swelling purchase orders. On July 23, 2026, the naira closed firmer in daily trade, yet specialists warn of a quick reversal. Across the wider region, African currencies are under renewed pressure to decline more before year end.
Domestic banks and fuel dealers are scrambling to hoard hard currency to settle multi-billion naira orders, spiking demand beyond the routine. Just days before, the Dangote refinery raised ex-depot prices again, pressures are building on transporters and ordinary households.
Bitcoin-to-naira exchanges have gained pace since Apexpay smoothed processing, though traders flag this as another signal of a tightening dollar pool in Nigeria’s parallel market.