The naira is weakening fast as fuel importers rush to buy dollars to cover swelling purchase orders. On July 23, 2026, the naira staged a firmer close in daily trade, yet specialists warn a reversal is coming. Across the wider region, African currencies are under heavier pressure to decline more before year end.
Domestic banks and petrol marketers are scrambling to hoard hard currency to settle multi-billion naira orders, spiking demand beyond the routine. Just days before, the Dangote refinery raised its ex-depot price once more, cost pressure is climbing on transporters and ordinary households.
Bitcoin-to-naira exchanges have sped up since Apexpay smoothed processing, though traders flag this as a fresh clue that dollars are scarce in Nigeria’s parallel market.