The naira is weakening fast as fuel importers rush to buy dollars to cover swelling purchase orders. On July 23, 2026, the naira finished firmer in daily trade, yet specialists warn of a quick reversal. Across the wider region, African currencies are getting pushed lower again to slip further before year end.
Domestic banks and petrol marketers are scrambling to lock in dollars to settle multi-billion naira orders, pushing demand above normal. Just days before, the Dangote refinery increased its depot gate price again, pressures are building on transporters and regular families.
Bitcoin-to-naira exchanges have sped up since Apexpay tightened processing, though traders flag this as fresh evidence of hard currency scarcity in Nigeria’s parallel market.