The Naira is once again a convertible currency. At least UK govt AND businesses would now accept payments in Naira.

Hello Wailer!

"The United Kingdom government, through its export credit agency, UK Export Finance (UKEF), says it will now accept naira payments from Nigerian business owners who make procurement in the UK.

The UK department of international trade made this known in a statement sent to TheCable.

The statement said the local currency financing structure follows the same format as a conventional buyer credit in sterling or any other currency.

It added that Nigerian businesses buying British goods or services and taking out a loan in naira from a bank in Nigeria can benefit from the UK government-backed guarantee.

“UK government will now be able to support finance in naira to Nigerian projects procuring from the UK,” the statement read.

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

Paul Arkwright, British high commissioner to Nigeria, said the arrangement shows the kind of value UK places on its relationship with Nigeria.

“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,” he said.

“The UK believes that no one intending to transact with British businesses should be hindered by lack of financing. By allowing Nigerian businesses easier access to world-class goods and services, we are supporting both the Nigerian and the British economy.”

Ben Ainsley, head of the department for international trade (DIT), Nigeria, said the agreement is the feedback from the UK trade envoy’s visit to Nigeria in November.

“We are excited to be able to offer Nigerian, as well as British, businesses the ability to enter trade arrangements that are financially feasible for both sides,” he said.

“This was a key issue raised by members of the local business community when the trade envoy was here last November.

“We listed and took this feedback to London. DIT is ready to work with Nigerian businesses to identify potential trade partners across the market.”

This development makes Nigeria one of the three West African countries on UKEF’s pre-approved currencies list.

“UKEF provides a range of innovative and flexible products, providing up to 85% funding for projects containing a minimum of 20% UK content,” he said.

“Requests will be assessed on a case by case basis through the UK Department for International Trade, Nigeria and UKEF in London.

“Interested clients are encouraged to contact the UK Department for International Trade in Nigeria for guidance.”

https://www.google.co.uk/amp/s/www.thecable.ng/uk-to-accept-naira-payments-from-nigerian-businesses/amp

My view:

Nigeria is taking her rightful place again in the comity of nations. Right in our lifetime.

May Nigeria Succeed

Since the Chinese now take in local currencies the Brits have no choice than adopt adaptive payment system ...this has nothing to do with the useless Buhari

@ NASTYNASOSO

You are not smart to think that Nigeria is taking back her rightful place


The reason for UK's action is to establish new business partners now that she is leaving the European Union.

She will do that to a lot of countries until she is able to survive and then completely withdraw from the European Union.

FarahAideed:
Since the Chinese now take in local currencies the Brits have no choice than adopt adaptive payment system ...this has nothing to do with the useless Buhari

Don't mind the Op who don't understand basic economics.

EternalTruths:


Don't mind the Op who don't understand basic economics.

I am not surprised because currently only mentally shallow people have anything good to say about the useless Buhari.

Buhari is good

EternalTruths:


Don't mind the Op who don't understand basic economics.

Lol, they can only decieve zombies like sarrkis.

buhariguy:
Buhari is good

Lol..

FarahAideed:


I am not surprised because currently only mentally shallow people have anything good to say about the useless Buhari.

It's a big shame.
Without even reading the full content and comprehending the meaning of the British move,the Op was only interested in quickly rushing to post it as a Buhari achievement!
Can someone then ask the nauseating poster what happened to the early propaganda of the government that the Naira had become interconvertible with the Chinese Yuan?
Fraudulent,lying bunch of semi illiterates the British forced upon us!

EternalTruths:
@ NASTYNASOSO

You are not smart to think that Nigeria is taking back her rightful place


The reason for UK's action is to establish new business partners now that she is leaving the European Union.

She will do that to a lot of countries until she is able to survive and then completely withdraw from the European Union.

HMMMMMMM

EGBON
PLEASE CHECK YOUR REASON AND ASK YOURSELF IF YOU ARE REALLY OK
The reason for UK's action is to establish new business partners now that she is leaving the European Union.

EternalTruths:

Don't mind the Op who don't understand basic economics.

HMMMMMMM
YOU ARE NOT JUST A MUMU BUT A LAZY ONE PLEASE COUNTER THE POST WITH FACTS FROM YOUR MUMU ECONOMICS

doctokwus:

It's a big shame.
Without even reading the full content and comprehending the meaning of the British move,the Op was only interested in quickly rushing to post it as a Buhari achievement!
Can someone then ask the nauseating poster what happened to the early propaganda of the government that the Naira had become interconvertible with the Chinese Yuan?
Fraudulent,lying bunch of semi illiterates the British forced upon us!

HMMMMMM

YOU HAVE PACKAGED YOURSELF INTO BEING A REAL PRISONER OF CONSCIENCE.
IF SOME BRITS FORCE SOME BUNCH OF PEOPLE WHOM YOU CONSIDER LESS SUPERIOR AND LITERATE WHAT STOPS YOU USING YOUR SUPERIORITY AND INTELLIGENCE TO REVERSE BACK THE STATUS QUO NOW THAT THE BRITS ARE NOT AROUND. BROS I THINK YOU ARE A BORN SLAVE

I don't know how to explain it, but the fact it make payment easy for Nigerian businessman to trade with the UK, but d effect is UK will hold much of Nigerian naira since we buy mostly from them, I mean we buy much than they buy from us, when it come to their part to buy from us they use our naira they have.

So there is no way we are having their pounds, that means CBN will not have pounds to exchange for Nigerian going to the UK for tourism, health and other. That makes the exchange rate increase since we will have demand of pounds n we don't have.

Nigeria get pounds from trade activities with UK, now we won't get it again.

Expect the naira to 1 GBP to be greater than N600 now.

This Op sef, This is not one of Buhari's achievement. The brits always way smarter than us, they work for only their interest.

thobie11:
I don't know how to explain it, but the fact it make payment easy for Nigerian businessman to trade with the UK, but d effect is UK will hold much of Nigerian naira since we buy mostly from them, I mean we buy much than they buy from us, when it come to their part to buy from us they use our naira they have.

So there is no way we are having their pounds, that means CBN will not have pounds to exchange for Nigerian going to the UK for tourism, health and other. That makes the exchange rate increase since we will have demand of pounds n we don't have.

Nigeria get pounds from trade activities with UK, now we won't get it again.

Expect the naira to 1 GBP to be greater than N600 now.

Don't mind the Op who don't understand basic economics.

I can't believe the OP is attributing this development to Buhari.

The same man under whose administration our ATM cards were limited from making international payments? And the same man under whose watch the exchange rate soared unprecedentedly?

Utter poppycock.

It's no secret that Buhari and his team have nothing to give this nation when it comes to Economy and Finance.