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