Moody's Investors Service has projected a huge shortfall in Nigerian banks' foreign currency funding of about $5 billion as the country faces growing funding challenges occasioned by the current low oil prices, volatile foreign inflows and lower remittances amid coronavirus pandemic.
The leading global ratings and research firm in its July 2020 report, titled 'Renewed foreign-currency shortages highlight vulnerability for banks', stated that the foreign currency liquidity pressures for the banks were threatening just as they experienced during a previous oil crisis in 2016-2017.
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