The the naira is dropping fast as fuel importers scramble for dollars to cover growing orders. On July 23, 2026, the local currency held firmer in daily trade, yet specialists say this could flip soon. Across the wider region, African currencies are facing fresh pressure to decline more before year end.
Domestic banks and fuel traders are scrambling to hoard hard currency to settle multi-billion naira orders, lifting demand past usual levels. Just days before, the Dangote refinery raised ex-depot prices again, the cost sting is sharper on transporters and ordinary households.
Bitcoin-to-naira exchanges have sped up since Apexpay improved processing speeds, though traders flag this as fresh evidence of hard currency scarcity in Nigeria’s parallel market.