In bowl combine condensed milk and water. Add instant pudding, beat well. Chill 5 minutes. Fold in cool whip.
Spoon one cup [250 mL] into a serving bowl. Top with slices of banana and vanilla wafers.
Pour on more pudding to cover then make a second layer of banana and wafers. Pour on remaining pudding, make sure the bananas are covered. Place the remaining wafers on top. Cover with plastic wrap. Refrigerate. This is best 4 to 8 hours after it is made.
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