In the wake of the Central Bank of Nigeria’s (CBN) decision to float the naira, the 36 states and the Federal Capital Territory (FCT) are grappling with the possibility of an over 40 percent surge in their external debt burden. The recent change in foreign exchange policy by the CBN has led to a significant increase in the value of the naira, thereby impacting the states’ obligations denominated in foreign currency.

According to data from the Debt Management Office, as of December 2022, the total external debt stock of the states amounted to.......

https://ratecaptain.com/nigerian-states-external-debt-burden-soar-to-n3-trillion-as-naira-floats/