The Missing Middle of Currency – The Loan That Was Never Five Percent

The arithmetic is unforgiving. Take a purely illustrative case: a project borrows $10 million when a dollar buys N1,000 and expects annual revenue of N10 billion to service it. If the rate moves to N1,500, the same debt now consumes N15 billion in naira terms, a 50 percent heavier burden, while nothing about the plant, the customers or the management has changed.