Nigeria's external debt has risen by about N30.03tn between 2023 and June 2024 due to the devaluation of the naira.

In spite of a reduction in the country’s debt when measured in US dollars, the exchange rate shift has made Nigeria’s foreign obligations far more costly in local currency.

Data from the Debt Management Office indicates that as of June 1, 2023, the country's external debt stood at $43.16bn.

At an exchange rate of N770.38 to the dollar, this totalled N33.25tn.

By June 2024 however, the naira had depreciated by 47.6 per cent, with the exchange rate rising to N1,470.19 to the dollar.

As a result, Nigeria’s external debt, which has dropped to $42.90bn, is now equivalent to N63.07tn.

In dollar terms, Nigeria’s external debt dropped by 0.60 per cent or $258.18m between June 2023 and the same month of 2024.

However, in naira terms, there was an increase of 89.7 per cent or N29.82tn within the same period.