Good News for Nigerian Businesses!!..Britain to add Nigeria's Naira to List of Accepted Trade Currencies

 

Good news for Nigerian businessmen and women.....Britain just added the Naira to the list of pre approved currencies for conducting trade.

This moves makes it easy for transactions with Nigerian businesses denominated in the local currency to be conducted.

With this, the Naira becomes one of the three currencies from West Africa that can benefit for its programme of funding transactions that promote trade with Britain.

According to the British High Commissioner to Nigeria, Paul Arkwright, via a statement.........

“This is a clear indication of how much value the UK places on its relationship with Nigeria. It will provide a firm foundation for a significant increase in trade and investment between both countries."

According to the the statement, the UK would provide up to 85 per cent of funding for projects containing a minimum of 20 per cent British content.

“The Naira financing will follow the same structure as someone buying in sterling, except that Nigerian firms taking out a loan in local currency can benefit from a UK government-backed guarantee.

This can enable businesses to manage foreign exchange risks and, many times, to negotiate better terms with local banks.”