The the naira is sliding quickly as fuel importers chase hard currency to cover swelling purchase orders. On July 23, 2026, the naira staged a firmer close in daily trade, yet specialists say this could flip soon. Across the wider region, African currencies are under renewed pressure to decline more before year end.
Domestic banks and petrol marketers are scrambling to secure greenbacks to settle multi-billion naira orders, lifting demand past usual levels. Just days before, the Dangote refinery raised its ex-depot price once more, adding to cost pain on transporters and family budgets.
Bitcoin-to-naira exchanges have sped up since Apexpay improved processing speeds, though traders flag this as a fresh clue that dollars are scarce in Nigeria’s parallel market.