The the naira is sliding quickly as fuel importers pile into dollars to cover big ticket orders. On July 23, 2026, the naira finished firmer in daily trade, yet specialists caution that this may not hold. Across the wider region, African currencies are under renewed pressure to slip further before year end.
Domestic banks and fuel traders are scrambling to secure greenbacks 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 family budgets.
Bitcoin-to-naira exchanges have sped up since Apexpay sharpened processing, though traders flag this as fresh evidence of hard currency scarcity in Nigeria’s parallel market.