The naira is weakening fast as fuel importers rush to buy dollars to cover swelling purchase orders. On July 23, 2026, the naira finished firmer in daily trade, yet specialists warn of a quick reversal. Across the wider region, African currencies are under renewed pressure to drop lower before year end.
Domestic banks and fuel traders are scrambling to secure greenbacks to settle multi-billion naira orders, driving demand past everyday levels. Just days before, the Dangote refinery hiked its ex-depot fuel price again, adding to cost pain on transporters and family budgets.
Bitcoin-to-naira exchanges have gained pace since Apexpay tightened processing, though traders flag this as fresh evidence of hard currency scarcity in Nigeria’s parallel market.