Bank educates Onitsha traders on Nigeria-China currency swap

By Editor on 01/11/2018

Share on facebook Yahoo mail icon Gmail icon

Views: 319


Diamond Bank Plc on Wednesday held a workshop for traders in Onitsha on the bilateral currency swap agreement between Nigeria and the People’s Bank of China.

The bank asked the traders to take the advantage of the development to grow their businesses.

The traders, mostly importers, were asked to always make use of banks and professionals in such deals.

An investment banker, Mr Henry Akumuo, who spoke on “Taking advantage of Nigeria-China bilateral trade deal”, said using the bank, importers could access yuan at a very low rate that could boost their business profits.

He said some of the ways the importers could attract good rate in converting naira to yuan was by ensuring that such conversion was not done in dollars, but direct from naira to yuan.

He called on importers to always ensure that their goods would leave China straight to Nigeria, instead of using neighbouring countries, stressing that it was one of the criteria that would enhance their chances of accessing yuan from the Central Bank of Nigeria.

He said, “This seminar is meant to add value to your business. Our major aim as your bank is to teach you ways you can grow your business, because if you grow, we will get better patronage. If you can follow the steps we have marshalled out here, you will be surprised the exchange rate you can get; this can help your business, and help you to maximise profit.”

The bank also taught the importers ways to reduce their tax burden without any form of illegality.

Mr Taiwo Oyedele of PricewaterhouseCoopers lectured the traders on tax and taxation.

He said, “If you are not very careful with the way you handle your taxes, you might make losses. Because of the way the tax system works in Nigeria, some of the tax agents are dubious; but if you keep your records and get knowledge you can know what to pay as taxes, without waiting for them to bring you very high tax.”

He said the traders had the right not to pay tax if they did not make profit for the year, or suffered bad debt or other major losses, adding that such taxes could be deferred to subsequent years.

Some of the participants who spoke to our correspondent expressed excitement about the information they got from the seminar

Posted 01/11/2018 04:12:35 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
Okorocha has failed God, Imo people – Bishop...

Enugu witnesses major breakthrough in Investment drive

Corruption: Declare position on suspended SGF, DG –...

EFCC arrests Jonathan’s ex-SGF, Pius Anyim

Court fines media for naming rape victim

Four Policemen killed In Benue

Army, Shiites clash claims another 50 lives

Presidency blames politicians for herdsmen killings in Middle...

Benue killings: Unongo, Waku, Onoja, others warn Buhari,...

All you need to know about Peter Obi,...

Nigerian clinic records 430 cases of snakebite in...

Ekweremadu preaches leadership by example, Cautions against hate...

 

Latest News EFCC arrests 23 OOU students, 12 others for Internet fraud Ohanaeze: Igbos can’t achieve Biafra through war – Nwodo Insecurity: I know how Boko Haram started – Atiku Nigeria to emerge world’s second largest rice importer in 2019 –US agency Restructuring agenda won Igbo support for Atiku Sen. Uzodinma denies arrest, vows to remain focused on governorship race DSS grills Oshiomhole over APC primaries 2019: Nwabueze canvasses Igbo support for Atiku/Obi ticket Igbo leaders endorse Atiku/Obi for 2019 presidency Facebook back up after Americas service interruption Fani-Kayode faults Buhari Dec. 2019 deadline to weed out unqualified teachers stands –Adamu

 

Most Read NAFDAC eases processes, cost of registering products for MSMEs (7,048 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (5,655 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (5,377 views) IPOB: ‘We need urgent clarifications on Nnamdi Kanu’s status, whereabouts’, UK Govt tells FG (4,843 views) ASUU strike: Senate intervention ends in deadlock (4,742 views) Ex-governor Adebayo, Keyamo, Arise, others get board appointments (3,946 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (3,728 views) Nigeria ripe for Restructuring Now – Nwodo in Chatham House (3,682 views) Prince Arthur Eze canvasses support for Buhari, Ugwuanyi (3,682 views) Anambra: INEC releases 37 candidates for Nov poll (3,642 views) Buhari has disappointed Nigerians – Arewa Youth Forum (3,635 views) Quit notice: Kaduna Govt obtains bench warrant against Northern youths (3,620 views)

 

SECTIONS NEWS (606) EDITORIAL (6) POLITICS (382) SOCIETY (104) SPORTS (13) BUSINESS (224) HEALTH (16) EDUCATION (16) ENTERTAINMENT (8) INTERNATIONAL (30) TECHNOLOGY (1) COLUMNISTS (0) LETTERS (0) OPINION (8)

 

 

Julius Agwu - Crazy Interview Demands