The the naira is dropping fast as fuel importers pile into dollars to cover multi-billion 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 getting pushed lower again to decline more before year end.
Domestic banks and petrol marketers 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, adding to cost pain on transporters and regular families.
Bitcoin-to-naira exchanges have gained pace since Apexpay sharpened processing, though traders flag this as fresh evidence of hard currency scarcity in Nigeria’s parallel market.