The Central Bank of Nigeria (CBN) has directed commercial banks to adopt the exchange rate in the importer and exporter window (I&E) for cross border payments through the Pan-African Payments and Settlement System (PAPSS).
PAPSS is a centralised payment and settlement infrastructure for intra-African trade and commerce payments.
It was developed by the African Export-Import Bank (Afreximbank) in partnership with the West African Monetary Institute (WAMI).
The apex bank gave the directive in a circular introducing the guidelines on operations of PAPSS in Nigeria, recently signed by Ozoemena Nnaji, CBN’s director of trade and exchange department.
The I&E FX window is the market trading segment for investors, exporters and end-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances.
Currently, naira trades between N410 and N411 at the market — which the CBN had adopted as the country’s official rate.
By implication, intra-African businesses will need CBN’s approval for banks to convert rates at the prevailing I&E FX rate for cross border payments and transactions.
“All authorised dealers are required to ensure that prevailing exchange rate at Investors and Exporters Forex Window as advised by Financial Markets Department, FMD, should be used in cross-rates conversion between Naira, United States Dollars and third currencies within Africa, for outbound payments and vice-versa for inflows,” the circular reads.
“For settlement of PAPSS transactions by CBN, authorised dealers shall obtain the approval of CBN for dollar cover before initiating payments on PAPSS.
“The request for approval should be forwarded to the Director, Financial Markets Department, CBN.
“That eligible payment of imports and receipt of export proceeds by the CBN shall be restricted to trade-backed transactions only and that the documentation requirements stipulated in Memorandum 9 and 10 of the Foreign Exchange Manual (2018) and other extant circulars shall apply. Import payments shall also be restricted to goods of African origin.”
According to the circular, all the required documentation should be provided before a transaction is initiated on PAPSS by authorised dealers and their customers.
It further noted that export proceeds repatriated to CBN under PAPSS shall be subject to certification by respective processing banks as being repatriated by the exporter.
The circular added that the provisions of all existing guidelines, circulars, and directives on the operations of foreign exchange market shall apply.
The CBN, however, stated that only eligible transactions as may be determined by the central bank from time to time shall be eligible for payment on PAPSS.
“Items classified ‘not valid for Foreign Exchange’ shall remain ineligible,” the circular adds.
Lai Mohammed insists no proof protesters were killed at Lekki tollgate
Minister of Information and Culture, Lai Mohammed, has said there is no proof that any protester was killed at the Lekki tollgate in Lagos in October 2020 during the #EndSARS protest.
Some soldiers on October 20, 2020 were said to have opened fire on protesters in an attempt to disperse them allegedly leading to the death of many.
Mohammed, who addressed a press conference in Abuja on Wednesday, described the 2020 event at the tollgate as a “phantom massacre”.
“Today marks the first anniversary of the phantom massacre at Lekki tollgate in Lagos, which was the culmination of an otherwise peaceful protest that was later hijacked by hoodlums,” the minister said.
The minister also said, “At earlier press conferences, I had called the reported massacre at the tollgate the first massacre in the world without blood or bodies.
“One year later, and despite ample opportunities for the families of those allegedly killed and those alleging a massacre to present evidence, there has been none: No bodies, no families, no convincing evidence, nothing. Where are the families of those who were reportedly killed at the toll gate? Did they show up at the Judicial Panel of Inquiry? If not, why?”
Adebanjo leads Afenifere chieftains on visit to Tinubu
Chief Ayo Adebanjo, leader of Pan-Yoruba socio-political group, Afenifere, has led other chieftains of the body on a visit to national leader of the All Progressives Congress, Asiwaju Bola Tinubu, at his home in Lagos.
Others on the visit are Chief Supo Sonibare, Oba Olaitan Oladipo, and retired Assistant Inspector General of Police, Tunji Alapini.
The visit came a few days after Tinubu returned from a medical trip to the United Kingdom where he underwent knee surgery.
The Punch reported that the last time Tinubu and Adebanjo met was in April when the former Afenifere spokesman, Yinka Odumakin, died.
Prior to the visit, Adebanjo had told PUNCH Online interview programme, The Roundtable, that the reason why Tinubu had been silent on the herdsmen crisis was that he felt President Muhammadu Buhari would make him his successor.
In another interview with SUNDAY PUNCH, Adebanjo stated that Buhari won’t hand over power to Tinubu, adding that they were both deceiving each other.
He said, “I have said it openly before and I would say it again that Buhari is deceiving Tinubu and Tinubu is deceiving Buhari. I’m an old man and I’m a funeral candidate already, so quote me. If Tinubu contests the primary in APC today, he will fail.”
Adebanjo then advised Tinubu and other APC members from the South-West to leave the party in the interest of Yorubaland.
He said, “I have always told them, from Tinubu downwards, that it’s better they save themselves speedily. I’m talking to all of them, that in the interest of Yorubaland and the country, they should get out of the carcass they call APC. I made a public pronouncement that they were a conglomeration of incompatibles. It’s on record. I said it then and I’m still saying it now; if they don’t save themselves early enough, then they are ready for a disaster.”
Kaduna gives civil servants 12-day ultimatum on COVID vaccine
The Kaduna State Government has given all civil servants in the state 12 days to receive the COVID-19 vaccine or be barred from office.
The ultimatum was announced in a statement issued on Tuesday by Muyiwa Adekeye, spokesman for the state governor, Nasir el-Rufai.
According to him, all civil servants are expected to be vaccinated by October 31, after which they would be denied entry into government offices if they failed to comply with the directive.
“The Kaduna State Government will from 31st October 2021 require compliance with COVID-19 protocols, especially facemasks and vaccination, for access to its offices,” the statement said.
“The Ministry of Health has since commenced the vaccination of all civil servants, and this is expected to be completed by 31st October 2021. All civil servants are required to be vaccinated by that date.
“Visitors to government offices will need to present their vaccination cards. Given the limited supply of vaccines that are currently available, visitors that have not yet been vaccinated will, in the interim, be permitted entry upon presentation of evidence of registration with the state Ministry of Health for the purpose of vaccination, while wearing their facemasks.”
Adekeye said the decision was taken following a review by the Kaduna COVID-19 task force, and urged residents to ensure strict adherence to the protocol for preventing the spread of infections.
According to the statement, Amina Mohammed-Baloni, Kaduna commissioner for health, has also asked residents to register at the nearest primary health centres for vaccination “so that the relevant authorities can easily contact them as more Covid-19 vaccines become available”.
The development comes weeks after Edo began its ‘no vaccination, no entry’ campaign, which bars unvaccinated civil servants from entering government offices.
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