The naira is weakening fast as fuel importers chase hard currency to cover growing 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 under heavier pressure to decline more before year end.
Domestic banks and petrol marketers are scrambling to hoard hard currency to settle multi-billion naira orders, driving demand past everyday levels. Just days before, the Dangote refinery raised ex-depot prices again, pressures are building on transporters and ordinary households.
Bitcoin-to-naira exchanges have sped up since Apexpay improved processing speeds, though traders flag this as fresh evidence of hard currency scarcity in Nigeria’s parallel market.