The the naira is sliding quickly as fuel importers scramble for dollars to cover growing orders. On July 23, 2026, the local currency held firmer in daily trade, yet specialists warn of a quick reversal. Across the wider region, African currencies are under renewed pressure to slip further before year end.
Domestic banks and petrol marketers are scrambling to hoard hard currency to settle multi-billion naira orders, spiking demand beyond the routine. Just days before, the Dangote refinery hiked its ex-depot fuel price again, adding to cost pain on transporters and ordinary households.
Bitcoin-to-naira exchanges have sped up since Apexpay improved processing speeds, though traders flag this as a fresh clue that dollars are scarce in Nigeria’s parallel market.