The the naira is dropping fast as fuel importers pile into dollars to cover growing orders. On July 23, 2026, the naira finished firmer in daily trade, yet specialists caution that this may not hold. Across the wider region, African currencies are under heavier pressure to decline more before year end.
Domestic banks and fuel traders are scrambling to lock in dollars to settle multi-billion naira orders, spiking demand beyond the routine. Just days before, the Dangote refinery increased its depot gate price again, the cost sting is sharper on transporters and regular families.
Bitcoin-to-naira exchanges have speeded up since Apexpay sharpened processing, though traders flag this as a fresh clue that dollars are scarce in Nigeria’s parallel market.