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Nairaland Forum / Nairaland / General / Business / Britain Reveals Plan For Naira (684 Views)
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Britain Reveals Plan For Naira by Evidenx(m): 6:31am On Feb 11, 2018 |
Britain’s Export Finance Agency has announced plan to add the Naira to its list of “pre-approved currencies”. This will allow the agency provide financing for transactions with Nigerian businesses denominated in the local currency. According to Reuters, the Naira will 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. “This is a clear indication of how much value the UK places on its relationship with Nigeria”, British High Commissioner to Nigeria, Paul Arkwright said in a statement by the UK credit agency. “It will provide a firm foundation for a significant increase in trade and investment between both countries”. The statement said 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,” it added. Bismark Rewane, head of Lagos-based consultancy Financial Derivatives expressed confidence that the financing deal with the UK would help local importers buy British goods. “If I buy a Rover, the British government is now guaranteeing that I can pay in naira, so the foreign exchange risk has been shifted from me to the Nigerian government,” Rewane said. “If the Central Bank of Nigeria is unable to remit funds to the UK, then the liability will be on Nigeria.” |
Re: Britain Reveals Plan For Naira by Evidenx(m): 6:37am On Feb 11, 2018 |
Evidenx:moderators wetin dey happen ![]() |
Re: Britain Reveals Plan For Naira by Nobody: 6:50am On Feb 11, 2018 |
this will benefit both countries businesses. we can buy British products and technology and settles with low risk foreign exchange. there will be mad development if this is true. 1 Like |
Re: Britain Reveals Plan For Naira by Evidenx(m): 6:56am On Feb 11, 2018 |
WinningSun:its true but we only pray they implement it soon. |
Re: Britain Reveals Plan For Naira by nwoke37: 6:56am On Feb 11, 2018 |
WinningSun: Give an example of developments that can be as a result of this deal |
Re: Britain Reveals Plan For Naira by emmie14: 7:14am On Feb 11, 2018 |
nwoke37:Thanks for the question. They have started rattling that's how analysis where given about Buhari and #145 pump price for pms. Today they have all bow in shame CBN will keep you in queue for eighteen months. Network will seize. |
Re: Britain Reveals Plan For Naira by Nobody: 7:23am On Feb 11, 2018 |
nwoke37: have you seen the Mexican pesos. if I give you how will you value it to being given to the dollar. hypothetically, if you're a british citizen. you came down to Nigeria to work. when leaving Nigeria you don't have to convert your money to dollars then when you get to London you will have to convert to pound sterling. that movements of your money dropped in value due to cost of conversion. now you can take your naira to the UK and settle transactions with naira. just like paying your rents In dollar in some part of Nigeria. one other benefits is the circumvention of the US dollar whatever happens to the dollar does not affect our trade with UK. even America go into recession. I wish we can have same deal with China and Brazil. 2 Likes |
Re: Britain Reveals Plan For Naira by Nobody: 7:27am On Feb 11, 2018 |
emmie14: this is what call real development. it will benefit our country more. this is not about exporting a d importing. |
Re: Britain Reveals Plan For Naira by GMBuhari: 7:32am On Feb 11, 2018 |
Incure the Wrath of skukushuku bambiala hahahahah |
Re: Britain Reveals Plan For Naira by thesicilian: 7:36am On Feb 11, 2018 |
One thing I know is, no foreign government will do anything for an African country without the benefits to them being ten times greater than what the African country will get in return. 1 Like |
Re: Britain Reveals Plan For Naira by Evidenx(m): 7:47am On Feb 11, 2018 |
GMBuhari:haha..who be that one again? �� |
Re: Britain Reveals Plan For Naira by GMBuhari: 7:57am On Feb 11, 2018 |
Evidenx: Trump ni , giving money to Buhari is incuring wrath of Liepob's god , its name is shukuka bambiala |
Re: Britain Reveals Plan For Naira by Evidenx(m): 8:05am On Feb 11, 2018 |
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