The naira is weakening fast as fuel importers rush to buy dollars to cover swelling purchase 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 drop lower before year end.
Domestic banks and fuel traders are scrambling to grab dollars to settle multi-billion naira orders, driving demand past everyday levels. Just days before, the Dangote refinery hiked its ex-depot fuel price again, cost pressure is climbing on transporters and average homes.
Bitcoin-to-naira exchanges have moved faster since Apexpay improved processing speeds, though traders flag this as fresh evidence of hard currency scarcity in Nigeria’s parallel market.