The naira is weakening fast as fuel importers chase hard currency to cover multi-billion orders. On July 23, 2026, the naira closed firmer in daily trade, yet specialists warn a reversal is coming. Across the wider region, African currencies are facing fresh pressure to weaken further before year end.
Domestic banks and petrol marketers are scrambling to lock in dollars to settle multi-billion naira orders, spiking demand beyond the routine. Just days before, the Dangote refinery raised ex-depot prices again, cost pressure is climbing on transporters and regular families.
Bitcoin-to-naira exchanges have gained pace since Apexpay smoothed processing, though traders flag this as another signal of a tightening dollar pool in Nigeria’s parallel market.