Britain’s export finance company will add the naira to its checklist of “pre-approved currencies”, permitting it to supply financing for transactions with Nigerian companies denominated within the native forex.
The naira will turn into one in every of three West African currencies that UK Export Finance has pre-approved for its programme of funding transactions that promote commerce with Britain, it stated.
Britain voted in 2016 to go away the European Union, which has pressured London to rethink its commerce ties with the remainder of the world. The UK and the EU struck an settlement in December that opened the way in which for talks on future commerce ties.
“It is a clear indication of how a lot worth the UK locations on its relationship with Nigeria,” Paul Arkwright, the British Excessive Commissioner to Nigeria, stated within the UK’s credit score company assertion. “It can present a agency basis for a major enhance in commerce and funding between each nations.”