Bank educates Onitsha traders on Nigeria-China currency swap

By Editor on 01/11/2018

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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

 

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