The the naira is dropping fast as fuel importers pile into dollars 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 getting pushed lower again to slip further before year end.
Domestic banks and fuel traders are scrambling to hoard hard currency to settle multi-billion naira orders, pushing demand above normal. 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 speeded up since Apexpay improved processing speeds, though traders flag this as a fresh clue that dollars are scarce in Nigeria’s parallel market.