– The Sun News

UK export agency to accept naira for trade settlements

The struggling Nigeria’s national currency may soon rebound against other world currencies as the UK Export Finance Agency says it would soon add the naira to its list of “pre-approved currencies” for trade transactions.

It was reported at the weekend that naira would soon become one of the three West African currencies that UK Export Finance Agency has pre-approved for its programme of funding transactions to promote trade with Britain.

Although the other two national currencies were not disclosed, finance experts say that when added, Nigerians and others in the UK wishing to use the naira to make payments or provide financing for business transactions denominated in the local currency would be able to do so without hindrance.

The only exception, the statement said, would be in the area of loans taken in local currency, which must equally be repaid in local currency.

In 2016, a referendum to decide its continued membership of the European Union (EU) resulted in a vote for Britain to exit the Union.

Since then, there has been extensive consultations by the UK government with the EU and other trade partners on the need to review the terms of its trade ties with the rest of the world.

Since December 2017, the UK government and the EU have agreed to discuss ways to improve future trade ties with member countries.

Nigeria has for long remained one of UK government’s biggest trade partners and allies, particularly in the West African sub-region.

“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,” the British High Commissioner to Nigeria, Paul Arkwright, was quoted to have said in a UK’s credit agency statement on Friday.

The statement said the UK government 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 pound sterling, except that Nigerian firms taking out a loan in local currency can benefit from a UK government-backed.

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3 Comments

  1. Ezekiel Okeke 12th February 2018 at 6:17 am

    The fraudulent political name Nigeria is dead- it is Yugoslavia of Africa, so do all its institutions are dead which must be erased with the Sword in the ongoing Revolution War of the natives under the natives Disintegrated Republics- Biafra Republic of south east, Niger Delta Republic of south south, Oduduwa Republic of south west, North East Republic, North West Republic, North Central Republic, with economic cooperation and assistance etc. which secures the natives existence and future in 21st century world- education, employment, job, salary, pension, business, public infrastructures, amenities etc. which must be defended with the Sword in the ongoing Revolution War of the natives under the natives Disintegrated Republics. Nothing on earth will keep fulani criminal terrorists Political Control over this territory of the natives, nothing on earth will keep the dead fraudulent political name Nigeria in this territory of the natives. Financial and Currency issue can only be handled on African level for Africa to utilize Africa financial capacity to the full in 21st century world in cooperation with Africa’s 21st century partners which will defend Africa’s Continental Currency and African Countries Currencies. This is 21st century world. God Is With Us!!

  2. Ezekiel Okeke 12th February 2018 at 6:35 am

    On one, British market has neither the capacity nor the capability to defend the currency naira if the dead fraudulent political name Nigeria were to exist in this territory of the natives, on the other hand, it is British plot directly or indirectly against Connecting Africa Markets for Africa economy in 21st century world. Connecting Africa Markets they destroyed out of illiteracy and ignorance in the European bandits invasion, occupation, plunder of Africa Soil. Britain can only respect the fact that natives of this of the natives of has Disintegrated, the fraudulent political name Nigeria is dead, face the reality and work for their place in the Disintegrated Republics of the natives base on mutual principles. This is 21st century world. God Is With Us!!!

  3. Ezekiel Okeke 12th February 2018 at 3:55 pm

    Africa foreign policy on currency and finance will be one in this 21st century world.

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