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Nigeria’s FX demand backlog near 2016 crisis levels of $7bn

...Nigeria losing investor confidence, int’l banks pull plugs on local lenders   ... Manufacturers unable to open letters of credit   ... Foreign investors shut out of cheap Nigerian stocks over repatriation worries

Nigeria is facing a $7 billion FX demand backlog that is rolling back ugly memories of the dark days of 2016 when manufacturers and investors were starved of dollars leading to  a near collapse of the economy. The estimate of $7 billion was arrived at by bankers who say manufacturers have unmet dollar demand of…

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