The the naira is losing ground rapidly as fuel importers chase hard currency to cover swelling purchase orders. On July 23, 2026, the naira finished firmer in daily trade, yet specialists say this could flip soon. Across the wider region, African currencies are getting pushed lower again to decline more before year end.
Domestic banks and petrol marketers are scrambling to secure greenbacks to settle multi-billion naira orders, driving demand past everyday levels. Just days before, the Dangote refinery raised its ex-depot price once more, cost pressure is climbing on transporters and family budgets.
Bitcoin-to-naira exchanges have moved faster since Apexpay tightened processing, though traders flag this as fresh evidence of hard currency scarcity in Nigeria’s parallel market.