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Two foreign banks shut down Nigerian operations —CBN


Central Bank of Nigeria [CBN] on Friday said two foreign banks, HSBC and UBS, have closed their offices in Nigeria.

The CBN also revealed that foreign investment had fallen sharply from a year ago as FDI slumped to N379.84 billion ($1.2 billion) in the first half of the year from N532.63 billion ($1.7 billion) a year earlier.

 The apex bank also said that the outlook for the Nigerian economy in the second half was “optimistic” given increase in global oil prices and production.

It added however that rising foreign debt and uncertainty surrounding the 2019 presidential election was a drawback.

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