Two Int'l Banks Close Down Business In Nigeria
CBN Governor, Godwin Emefiele

Two global banks, HSBC and UBS have closed down their offices in Nigeria, according to a report from the Central Bank of Nigeria (CBN) on Friday.

The CBN report also noted that the country’s foreign investment has slumped further since one year ago.

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However, the CBN did not reveal the reasons for the closure of the financial firms.

According to the apex-bank, Nigeria’s foreign direct investment in collapsed to N379.84bn ($1.2bn) in the first half of the year from N532.63bn ($1.7bn) a year earlier.

It did not give reasons for the banks’ closure.

The CBN noted that the outlook for the Nigerian economy in the second half of the year was “optimistic” due to higher oil prices and production.

In July, an HSBC report noted that a second President Muhammadu Buhari term “raises the risk of limited economic progress and further fiscal deterioration, prolonging the stagnation of his first term, particularly if there is no move towards completing reform of the exchange rate system or fiscal adjustments that diversify government revenues away from oil.”