USD: BUYS N414.00 SELLS N424.00 EUR: BUYS N459.50 SELLS N487.60 GBP: BUYS N551.90 SELLS N582.24 CAD: BUYS N320.68 SELLS N338.90 USD: PTA/BTA N413.95 USD: OTHER INVISIBLES N413.95 USD: SME TRANSACTIONS N413.95
USD: BUYS N414.00 SELLS N424.00 EUR: BUYS N462.48 SELLS N490.65 GBP: BUYS N556.42 SELLS N586.90 CAD: BUYS N324.65 SELLS N343.21 USD: PTA/BTA N419.00 USD: OTHER INVISIBLES N419.00 USD: SME TRANSACTIONS N419.00

Trade Financing

All About Union bank's Local and International trade.

Local Trade – Local Letter of Credit

Union Bank’s Local letter of credit facilitates trade within Nigeria. Purchased made with the Local Letter of Credit assures the supplier of prompt payment from Union Bank.

Benefits to your business

  • Increase your working capital
  • Strengthen trade relationships
  • View and track account receivables
  • It enhances the buyers credit as the Bank assumes the liability for payment. This positions the buyer favourably and provides opportunities for the customer to have leverage in commercial negotiations, obtain reasonable product prices and obtain preferential conditions including extended payment days, thereby reducing working capital costs.

INTERNATIONAL TRADE - BILLS FOR COLLECTION

Form Q

This solution gives SMEs the opportunity to get forex easily. It allows SMEs to access up to $20,000 per quarter.

Account Opening Requirement

  • Submit a written application letter
  • Proforma Invoice (PFI) from the supplier
  • Supplier’s/ beneficiary’s bank account details
  • You must be an account holder and must have operated your account for not less than six months

Form M

  • Form M is required for importation of goods into Nigeria.  
  • The life span of a Form M is 180 days (for general merchandise) and 365 days (for plant and machinery), after which an extension of 180 days (for general merchandise) and 365 days (for plant and machinery) can be granted on the Form M by the Authorized Dealer. 

Import Letters of Credit

We offer you first class solutions to import goods through the Import Letters of Credit payment mode.


Export Letters of Credit

We provide a holistic range of services to support you under the Letter of Credit payment mode. Our services include receiving, reviewing and advising on authenticated instruments, documents negotiation, export financing- (including LC discounting) and receiving & certification of exports proceeds.

Import (Inward) Bills for Collection

Let us support your business with our import Bills for Collections. We can ensure speed for your transactions.


Export (Outward) Bills for Collection

We can support your exports through the Bills for Collection payment mode from production/sourcing of exported goods to documents checking, dispatch, receipt and certification of export proceeds.

Bonds / Guarantees

We provide a range of bonds and guarantees including Bid/Tender Bonds, Performance Bonds, Advance Payment Guarantees, Customs Bonds, Shipping Guarantees and Retention Bonds.

Range of Bonds and Guarantees

  • Bid/Tender Bonds
  • Performance Bonds
  • Advance Payment Guarantees
  • Customs Bonds
  • Shipping Guarantees
  • Retention Bonds