Following the unification of the Naira, Nigeria's public debt increased by 12.3% to ₦82 trillion

If the new conversion rates are adopted, the recent move to unify foreign exchange rates will increase Nigeria's public debt from 73 trillion to 82 trillion.The changes were made in response to a statement issued by the Central Bank of Nigeria (CBN) headlined Operational Changes in the Foreign Exchange Market.The announcement signaled the start of a uniform exchange rate, which would now replace the many values used over the years. This development coincides with President Tinubu's policy directives since taking office on May 29, 2023. According to individuals familiar with the matter, the CBN asked Deposit Money Banks (DMOs) to remove the rate cap on the naira at the Investors' and Exporters' (I&E) Window of the foreign exchange market as a follow-up to the President's direction.The aim was to allow for a free float of the national currency against the dollar and other global currencies, a development which has been fiercely rejected by experts. By unifying the foreign exchange rates, traders who deal in foreign currency in the official FX market can determine rates they find comfort in the FX market.