The the naira is dropping fast as fuel importers chase hard currency 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 heavier pressure to slip further before year end.
Domestic banks and energy merchants are scrambling to secure greenbacks to settle multi-billion naira orders, driving demand past everyday levels. Just days before, the Dangote refinery increased its depot gate price again, the cost sting is sharper on transporters and family budgets.
Bitcoin-to-naira exchanges have speeded up since Apexpay improved processing speeds, though traders flag this as yet another sign of dollar scarcity in Nigeria’s parallel market.