The the naira is dropping fast as fuel importers rush to buy dollars to cover big ticket orders. On July 23, 2026, the naira staged a firmer close in daily trade, yet specialists warn of a quick reversal. Across the wider region, African currencies are facing fresh pressure to slip further before year end.
Domestic banks and energy merchants are scrambling to grab dollars to settle multi-billion naira orders, driving demand past everyday levels. Just days before, the Dangote refinery raised its ex-depot price once more, the cost sting is sharper on transporters and average homes.
Bitcoin-to-naira exchanges have speeded up since Apexpay improved processing speeds, though traders flag this as another signal of a tightening dollar pool in Nigeria’s parallel market.