CBN directs banks to adopt official FX rate for intra-African transactions – Newstrends
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CBN directs banks to adopt official FX rate for intra-African transactions

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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.

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US envoy meets Tinubu in Paris over economic war

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U.S. envoy meets Tinubu in Paris

US envoy meets Tinubu in Paris over economic war

The United States has opened discussions with President Bola Tinubu on expanding economic cooperation across Africa as part of efforts to deepen trade, investment, and development ties on the continent.

This was disclosed following a meeting on Thursday between President Tinubu and U.S. State Department Senior Advisor for Africa, Massad Boulos, in Paris, where the Nigerian leader is currently on a short working visit.

According to a statement posted Friday on the official X (formerly Twitter) handle of the U.S. Mission in Nigeria, and shared by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the talks also touched on key security concerns in the region.

“State Department Senior Advisor for Africa Massad Boulos met with President Tinubu on Thursday to discuss regional security, including working together with partners to build a durable peace in eastern DRC,” the U.S. Mission stated.

“They also discussed expanding opportunities for economic cooperation throughout Africa,” it added.

The meeting comes at a time when Nigeria is working to reposition itself as a hub for investment and economic growth on the continent.

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President Tinubu has consistently called for stronger global partnerships to drive industrialization, job creation, and infrastructure development in Africa.

Though specific details of the economic discussions were not disclosed, analysts say the meeting reflects growing American interest in engaging with African leaders on development-focused diplomacy, with Nigeria seen as a critical anchor in West Africa.

President Tinubu has been in Paris since Wednesday, April 2, undertaking a short working visit aimed at reviewing his administration’s midterm performance and setting strategic priorities for the next phase of his tenure.

While abroad, the President has remained actively engaged in state matters, and Thursday’s high-level engagement with the U.S. State Department underscores Nigeria’s central role in regional affairs and global economic conversations.

Tinubu is expected to return to the country shortly, with public attention focused on the outcome of his consultations and the anticipated direction of new policies in the coming months.

US envoy meets Tinubu in Paris over economic war

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US honours Soyinka, Okundaye at African Cultural Festival 2025 Pennsylvania

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US honours Soyinka, Okundaye at African Cultural Festival 2025 Pennsylvania

The United States government through the Pennsylvania House of Representatives and the Pennsylvania Senate has honoured the Nobel Laureate Wole Soyinka and the renowned African art icon, Chief Nike Okundaye of Nike Art Gallery, Lagos for their contributions to art in Nigeria and globally.

While Soyinka was conferred with “Distinguished Honors” for his extraordinary contributions to literature, culture, human rights, and global discourse, Nike Okundaye was honored for her revolutionary impact on contemporary African art.

She was recognized for being the pioneer of the Adire resist-dyeing technique, which has seamlessly blended ancestral motifs with modern aesthetics, earning global acclaim, thereby solidifying her legacy as a custodian of African heritage.

The honor was bestowed on them on March 26 at the unveiling of African Cultural Festival 2025 held at the Pennsylvania State Capitol . The festival will take place from September 19 to 20, 2025, in Pennsylvania.

The Senate of Pennsylvania lauded Professor Soyinka for his pioneering role in modern African literature and his relentless advocacy for free speech, social justice, and democracy.

The Pennsylvania House of Representatives, led by Speaker Joanna E. McClinton, also commended him for his unparalleled literary achievements and for inspiring critical thoughts across generations.’

For Okundaye, she was honoured for giving hope to marginalised women, training and equipping over 5,000 women with Adire-making, weaving, and traditional craft skills.

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“Her mission to foster economic independence and cultural continuity has empowered communities across Nigeria and beyond, ensuring that African artistry thrives in future generations,” the House and the Senate stated.

Speaking about the upcoming festival, Wole Adeniyi, the Chief Executive Officer, CEO of ACI234, said the festival was designed to celebrate African heritage, foster international collaboration, and stimulate trade and cultural exchange between Africa, the United States, and the world.

Adeniyi emphasised that the festival will solidify Africa’s cultural influence while creating pathways for sustainable growth and artistic innovation.

He thanked the Pennsylvania House of Representatives, the Senate, and the State of Pennsylvania for honouring the two Nigerian icons of art.

Part of activities lined up for the festival includes the launching of Duduplugs, an innovative digital platform by ACI234 Entertainment LLC, designed to connect creative industries across continents, and elevate Africa’s creative economy.

Commenting on the upcoming event, Festival Director Foluke Michael described the African Cultural Festival as a celebration of tradition and innovation — a vibrant fusion of Africa’s timeless heritage with contemporary expression.

She acknowledged the pivotal role of the Lagos State Government in laying the foundation for this global movement through the Lagos Black Heritage Festival, which was steered by Professor Wole Soyinka during his tenure as Festival Consultant.

“That era gave birth to a cultural renaissance,” Michael noted. “It was during that time that the iconic Rhumble in Lagos — featuring President Bola Ahmed Tinubu and boxing legend Evander Holyfield — became a symbolic moment that planted the seed for what we now know as the African Cultural Festival.”

She further revealed that the official countdown to the 2025 edition will begin in Lagos at the end of April, setting the stage for a global celebration of African excellence.

 

US honours Soyinka, Okundaye at African Cultural Festival 2025 Pennsylvania

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Ali Baba spills what Obasanjo told him on how to become Nigeria’s President

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Ali Baba

Ali Baba spills what Obasanjo told him on how to become Nigeria’s President

Ali Baba, the ace comedian, has revealed political strategies he claims were shared with him by former President Olusegun Obasanjo on how to become Nigeria’s president.

In an interview on Outside The Box, the 59-year-old entertainer said Obasanjo allegedly shared the strategies with him via chat because he thought he was venturing into politics and wanted to guide him.

Ali Baba claimed that Obasanjo emphasised the importance of gaining the support of seven governors, including the Central Bank of Nigeria (CBN) governor, to clinch the presidential seat.

“I was speaking with Obasanjo one time, and he listed some things that are necessary in politics,” the comedian said while picking up his phone to show proof that he documented his conversation with the former president.

“He thought I was going into politics, so he was happy I was talking to him about politics. He said ‘Ali, I’m happy you are catching up with politics, but you still have a lot to learn about how governors and presidents are selected’.

“He said ‘you need seven governors to win an election. Lagos, Bayelsa, Delta, Rivers, Kano, Kaduna and the CBN governor’. Then I said ‘Kano and Kaduna don’t have money,’ he said ‘that is for the numbers’…

“You need 44 of the most popular senatorial districts.”

The comedian, born Atunyota Alleluya Akpobome, also alleged that Obasanjo mentioned the key tasks to be accomplished in the first term to increase the chances of being re-elected.

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“You need to have awarded 10 contracts and 15% of that contract can give you a marginal impact at the polls. And you must award this contract in your first year of assumption of office,” he said.

“If you don’t do that, then, you can’t ask the people for anything because when you give them at the first year of your getting into office, when it’s time for elections you just tell them ‘Do you want to continue this contract or not’.”

Ali said Obasanjo emphasised the importance of making strategic appointments, including “the chief justice of Nigeria (CJN), controller-general of customs, head of the Nigerian National Petroleum Company (NNPC), inspector-general of police (IGP), and CBN governor”.

The comedian said Obasanjo allegedly advised on steering clear of corrupt governors who are “loaded” and can be “financially useful when needed”.

“He said you must name your CJN, IGP, controller general of customs, head of the NNPC, CBN governor, and you must suspend pending cases of corrupt past governors who are loaded,” he added.

Former President of Nigeria, Olusegun Obasanjo

“Don’t forget that those guys have war chests that they are just sitting and waiting for who they want to align with. No matter how much EFCC milks from them, they still have plenty.

“These are people who were sitting on a monthly federal allocation. Don’t forget that some states that when they get their federal allocation, they don’t touch it.

“They actually add to it because their state’s internally generated revenue is higher than what the federal government gives to them.

“So if the federal government gives them N3, they can add N4 to it and spend N7. When they leave office, EFCC can’t come looking for them because they added money to what the federal government gave them, but you see that internally generated revenue that is their sweat as it is called, it is their money, they generated it themselves. They can determine what they want to do with it.”

Ali Baba alleged that Obasanjo highlighted the importance of securing support from key figures, including foreign countries, the wealthy, religious leaders, and bloggers.

According to him, “he also advised infiltrating opposition parties and strategically influencing delegates by offering incentives to ensure loyalty during elections”.

“This is the meaty part of it, he says ‘Get US or China support because of their businesses in your country, they would support,” he said.

“Get National Association of Nigerian Students, market women, National Union of Road Transport Workers. Unsettle the organized labour. Get 10 of the richest Nigerians on your side. Infiltrate your opposition party and let them decamp for elections.

“So let me explain. You have your party and I want to infiltrate the party. I will send my people to leave my own party and join your own party before the elections. So when the time of election comes, they will then disrupt the whole thing.

“They will probably be the ones they will put in charge of electioneering campaign and you won’t know that the reason they decamped was to make sure that your own campaign doesn’t succeed. So when you are planning, they inform their original party.

“Obasanjo continued saying infiltrate the opposition party, but delegates one year before your congress.

“So I asked how do you buy delegates then he said “you know who and who that would be selected as delegates, give two of his daughters job in the bank, give another’s wife a shop, sponsor another’s trip to Hajj so when the time for election comes and you say this is the person I’m supporting, they won’t mess up because of what you have done.

“While some people are trying to raise money to give dollars, you already have bought their loyalty since. Have a hand in appointing all parties’ chairmen.

“Secure INEC and state rec, blogs, social media, religious leaders, royal fathers, appointment of board of chairman and DGs. Get four constitutional lawyers on retainship.”

Ali Baba spills what Obasanjo told him on how to become Nigeria’s President

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