Nigeria’s foreign exchange market recorded its highest-ever weekly turnover of $4.375 billion for the week ending July 24, 2026, an 83% surge driven by private-sector activity and potential hedging related to the Dangote Refinery’s temporary dollar-pricing policy.

Separately, the domestic cryptocurrency sector faces a pivotal shift. While the government moves to formalize and tax the market through the Securities and Exchange Commission’s new licensing regime, critics warn that high capital requirements, such as the N2 billion entry threshold, threaten to stifle local startups and cede Nigeria’s leadership position to more flexible regulatory environments in Kenya, South Africa, and Ghana.