| NAFTA |
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| North American Free Trade Agreement. A free trade agreement dating from 1994 involving Canada, Mexico and the United States of America. |
| NCU |
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| National Currency Unit. Units of the Legacy Currencies which will be replaced by the Euro. |
| NEGATIVE PLEDGE |
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| A condition of a secured loan or funding agreement that states that its security cannot be pledged to secure another transaction. |
| NEGOTIABLE INSTRUMENT |
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| Documents including Bills of Exchange, Promissory Notes, cheques, Bills of Lading and others which can be transferred to other parties by endorsement. |
| NEGOTIATE / NEGOTIATION |
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| Buying or selling Bills of Exchange or shipping documents. |
| NEGOTIATING BANK |
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| A bank which is party to a Letter of Credit and which agrees to buy or sell Bills of Exchange or shipping documents. |
| NON NEGOTIABLE INSTRUMENTS |
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| Non-negotiable instruments do not entitle to their owners to the goods or rights described in them. |
| NOTARISING |
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| Certification by a notary. |
| NOTE |
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| Colloquial term for Promissory Note especially in the context Forfaiting. |
| NOTIFY PARTY |
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| A person or company whose name appears in transport documents and who is to be notified upon the arrival of goods at their destination. |
| NOTING |
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| A Bill of Exchange may be noted when the Drawee refuses to Accept it or to make payment against it. A Notary confirms how, where and when the Bill has been dishonoured which may later be used in court as proof of dishonour. |
| NPV |
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| Net Present Value. The value today of cashflows due in the future. Calculated using predicted interest rates and a margin to reflect the risk of non payment. |
| NYSE |
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| New York Stock Exchange. |
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