Nigeria's External Debt Skyrockets Over N28 Trillion as Naira Depreciates Sharply

Nigeria's external debt has ballooned by over N28 trillion due to naira depreciation against the dollar
External debt was $41.5 billion as of September 2023 but has since increased by over 109% due to further naira devaluation
Naira has fallen from 891/$ on Jan 1, 2024 to 1,609/$ on Feb 29, 2024, a depreciation of 80%
Experts predict Nigeria will struggle to meet 7030 debt ratio target for domestic vs external debt due to naira devaluation
Federal government's 2024 budget debt servicing projection of N8.25 trillion may no longer be feasible given 101% difference between budgeted and current exchange rates