Nigerians can now purchase goods and services from UK using the naira 

The United Kingdom’s credit agency, UK Export Finance this year announced the inclusion  of the Nigerian naira as one of the international currencies that it will give its support to for financing transactions. This means that the naira will now be accepted in the United Kingdom as a trade currency for business transactions such as exports from the UK.

“This is a clear indication of how much value the UK places on its relationship with Nigeria. It will provide a firm foundation for a significant increase in trade and investment between both countries,” Paul Arkwright, British high commissioner to Nigeria, said in a statement sent to The Cable.

He further stated that the UK will provide up to 85 percent of funding for projects containing at least 20 percent British content. Interested clients are also encouraged to contact the UK Department for International Trade in Nigeria for guidance.

Following the announcement Nigerian and British businesses will be able to go into trade arrangements that will be beneficial for both of them.

This brings the total number of pre-approved currencies to 62. Prior to the recent move there were about 43 pre-approved currencies. Nigeria is now the tenth African country and third West African country on the list.

See the the full list of recently added additional 19 currencies below:

  1. Bulgarian lev
  2. Colombian peso*
  3. Croatian kuna*
  4. Dominican peso*
  5. Ghanaian cedi*
  6. Jordanian dinar*
  7. Kazakhstani tenge*
  8. Mongolian togrog*
  9. Moroccan dirham*
  10. Nigerian naira
  11. Pakistani rupee*
  12. Panamanian balboa
  13. Philippine peso
  14. Romanian leu
  15. Serbian dinar*
  16. Sri Lankan rupee*
  17. New Taiwan dollar
  18. Trinidad & Tobago dollar
  19. Vietnamese dong

*Support will be approved on a case-by-case basis.