The the naira is losing ground rapidly as fuel importers chase hard currency to cover growing orders. On July 23, 2026, the local currency held firmer in daily trade, yet specialists caution that this may not hold. Across the wider region, African currencies are getting pushed lower again to weaken further before year end.
Domestic banks and petrol marketers are scrambling to grab dollars to settle multi-billion naira orders, lifting demand past usual levels. Just days before, the Dangote refinery hiked its ex-depot fuel price again, the cost sting is sharper on transporters and average homes.
Bitcoin-to-naira exchanges have gained pace since Apexpay sharpened processing, though traders flag this as fresh evidence of hard currency scarcity in Nigeria’s parallel market.