Diamond Bank Enlightens Traders on Naira-Yuan Deal


Diamond Bank Plc recently enlightened importers on ways of taking advantage of the recently signed currency swap deal between Nigeria and China.

The bank which held a business seminar for importers and other small-scale business owners in the commercial city of Onitsha, on ways of improving their businesses said the forum was geared towards helping business owners grow their businesses.

An investment banker, Mr Henry Akumuo, who took participants on the topic: “Taking Advantage of Nigeria- China Bilateral Trade Deal,” said using the bank, importers can access Yuan at a very low rate that can boost their business profits.

According to a statement, he said some of the ways the importers can attract good rate in converting the naira to yuan was by ensuring that such conversion was not done in dollars.

He also called on importers to always ensure that their goods leave China straight to Nigeria, instead of importing using other neighbouring countries, saying it is one of the criteria that would enhance their chances of accessing Yuan from the Central Bank of Nigeria easily.

“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 businesses, 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, and this can help your business, and also help you to maximise profit.”

The bank also taught the importers way of reducing the tax burden they bear without any form of illegality.

Mr Taiwo Oyedele of Price Waterhouse Cooper(PWC) told participants, “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 agent are dubious, but if you know your right, you can also know what to pay as taxes, without waiting for them to bring you very high tax.”

He told the businessmen that they also have the right not to pay tax if they didn’t make profit for the year, or suffered bad debt or other major losses, as their taxes could be deferred to subsequent years.