I was going to mention that there are 4 major types of letters of credit in trade finance that is administered by the Uniform custom and practice (UCP) for documentary credits,
The most common one in intl trade finance being commercial letters of credit where $2.85bn or 41.9%

Of the total FX forwards, are outstanding means that at some point UCP will like IATA, ask correspondent banks where Nigerian banks hold accounts for global switch and settlement, not to honor LCs from here.
The reason Gazprom is unable to import catalyst for maintenance of its

Condensation distillation unit for cracking middle distillates is because Russian Banks are unable to open LC, as their ex-communication from swift and target II, means their banks cannot issue LCs,
Amongst all the 4 major types of Forwards that are outstanding:

• LCs
• Capital remittances
• Dividend remittances
• Form A
Commercial letters of credit are the most consequential,
If banks are unable to open LC because the CBN lacks the liquidity to honor forwards that they sold, importers will have to rely on the spot markets

In this case, the banks pushing from commercial letters of credit to irrevocable letters of credit will not even move the needle,
This is an actual state of emergency.