LEGIT
Nigeria’s naira is now part of pre-approved currencies for financing transactions, the United Kingdom has announced.
This is coming after Nigeria’s central bank abolished the country’s multiple exchange rate system and effectively floated the naira.
The Export Finance Agency of the United Kingdom (UK) said the new development will make it possible for the country to offer financing for deals with Nigerian companies denominated in local money.
According to the agency, the naira will join the list of three West African currencies that have been given the go-ahead to be used as payment for transactions that advance commerce with Britain.
