Bank Educates Onitsha traders On Nigeria/China Currency Swap, Taxation

Onitsha Market

Diamond Bank Plc has enlightened small and medium enterprises (SMEs) especially importers in Onitsha, Anambra state, on ways of taking advantage of the recently signed federal government currency swap deal with the Chinese government.

The bank said the business Seminar was to enlighten businesses on ways of improving their businesses said it was geared towards helping business owners grow their businesses.

An investment banker, Mr. Henry Akumuo, who was a key speaker at Business Seminar for importers and other small-scale business owners in the commercial city of Onitsha, Anambra State, said that 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, but from naira to Yuan.

He also called on importers to always ensure that their goods leave China straight to Nigeria, instead of importing using other neighbouring countries, as those were some of the criteria that would enhance their chances of accessing Yuan from the Central Bank of Nigeria (CBN) 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 ways of reducing the tax burden they bear without any form of illegality.

Head, Tax and Regulatory for West African Operations of Price Waterhouse Cooper (PWC), Mr Taiwo Oyedele 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 know your right, you can also know what to pay as taxes, without waiting for them to bring you very high tax.”