Nigeria, July 1 -- The Nigerian Federal Government in March 2025 settled a staggering N611.71 billion as settlement for its first domestic-denominated US dollar bond, illustrating the pure fiscal strain that lies with foreign currency obligations despite their domestic raising.

The single settlement was in the form of the highest domestic debt service of the month, highlighting the added burden that FX-denominated debt poses on Nigeria's overall financial sector.

The Debt Management Office (DMO) explained that the repayment made up nearly half (47.05 percent) of the entire N1.3 trillion of domestic debt servicing for the month of March alone, and nearly one-quarter (23.44 percent) of the N2.61 trillion allocated to debt service for the ...