Naira to be included in Britain's list of trade currencies

The Nigerian Naira will soon be added to the list of “pre-approved currencies” by the British export finance agecny. This means the naira can be used to finance business transactions between British and Nigerian agencies.

The naira is said to become one of three West African currencies that UK Export Finance has pre-approved for its programme of funding transactions that promote trade with Britain.

Britain has been viewed to be restructuring its trade ties with the rest of the world, after it voted in 2016 to leave the European Union. The United Kingdom and the EU struck an agreement in December that opened the way for talks on future trade ties.

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

Source: CGTN Africa