The the naira is sliding quickly as fuel importers rush to buy dollars to cover multi-billion orders. On July 23, 2026, the naira staged a firmer close in daily trade, yet specialists warn of a quick reversal. Across the wider region, African currencies are getting pushed lower again to decline more before year end.
Domestic banks and fuel traders are scrambling to lock in dollars to settle multi-billion naira orders, driving demand past everyday levels. 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 a fresh clue that dollars are scarce in Nigeria’s parallel market.