When FX Blew Up Nigeria’s Debt Numbers

The “FX blow‑up” refers to the sharp depreciation of the Nigerian naira in 2022‑2023, which dramatically increased the country’s debt burden when expressed in foreign currency. As the naira fell against the dollar, the value of Nigeria’s external loans and Eurobond issuances rose in naira terms, pushing total public debt from about 30 % of GDP in early 2022 to over 40 % by late 2023. The weaker FX also raised the cost of servicing existing foreign‑currency debt, prompting the government to seek additional financing and to re‑price some obligations, further inflating the headline debt figures. Views Nigeria