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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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OYOSUBEB Chairman Adeniran Joins 2027 Oyo Governorship Race

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Oyo State Universal Basic Education Board (OYOSUBEB), Nureni Aderemi Adeniran
Executive Chairman of the Oyo State Universal Basic Education Board (OYOSUBEB), Nureni Aderemi Adeniran

OYOSUBEB Chairman Adeniran Joins 2027 Oyo Governorship Race

The Executive Chairman of the Oyo State Universal Basic Education Board (OYOSUBEB), Nureni Aderemi Adeniran, has officially declared his intention to contest the 2027 governorship election in Oyo State on the platform of the Peoples Democratic Party (PDP).

In a statement issued on Monday, Adeniran said his decision to join the 2027 governorship race followed extensive consultations with political stakeholders, supporters and community leaders across the state, as well as deep reflection and prayers.

According to him, his ambition is driven by a commitment to consolidate the achievements of the administration of Seyi Makinde and ensure the continued development of Oyo State.

Adeniran noted that he had earlier hinted at his governorship ambition during a radio appearance months ago, where he publicly disclosed his interest in leading the state.

“I am offering myself to serve as Governor of Oyo State, not out of ambition but out of conviction; not for power, but for purpose; not to be celebrated, but to empower,” he said.

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The OYOSUBEB chairman highlighted his extensive experience in public administration, noting that he has served as a Local Government Chairman, Commissioner and a member of several state and federal boards. According to him, these roles provided him with administrative exposure and grassroots engagement, helping him understand the diverse challenges facing communities across Oyo State.

Adeniran also praised Governor Makinde, describing him as a visionary leader whose administration has brought significant transformation to the state through its development programme popularly known as the Omituntun agenda. He pledged that if elected governor, he would sustain and strengthen the policies and reforms introduced by the current administration.

“Continuity is the foundation of sustainable progress, and Oyo State deserves nothing less,” he said.

Outlining his vision for the state, Adeniran said his administration would focus on improving access to quality education, promoting youth empowerment and job creation, strengthening security across communities, expanding infrastructure development, and encouraging innovation and inclusive governance.

“My vision is simple: a state where every child has access to quality education, where our youths do not have to leave home to find opportunity, and where security is guaranteed for every citizen,” he said.

Adeniran further emphasized the importance of strengthening the civil service, promising improved welfare, regular training and merit-based opportunities for government workers.

He added that his administration would focus on creating jobs for young people by supporting entrepreneurship, attracting investments and expanding sectors such as education, agriculture, technology and small-scale industries.

The governorship aspirant therefore called on residents of Oyo State to support his ambition, expressing optimism that collective efforts would help build a stronger and more prosperous state.

OYOSUBEB Chairman Adeniran Joins 2027 Oyo Governorship Race

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Pastor Says Divine Prayers Helped Nyesom Wike Win Two Terms as Rivers Governor

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Federal Capital Territory Minister, Nyesom Wike
Federal Capital Territory Minister, Nyesom Wike

Pastor Says Divine Prayers Helped Nyesom Wike Win Two Terms as Rivers Governor

Popular Nigerian cleric David Ibiyeomie, founder of Salvation Ministries, has claimed that his prayers and spiritual intervention played a pivotal role in the political rise of Nyesom Wike, currently the Minister of the Federal Capital Territory (FCT).

Speaking during a sermon at the church’s headquarters in Port Harcourt, Ibiyeomie recounted how Wike approached him during critical moments in his Rivers State governorship campaigns, appearing visibly anxious and “shaking” before both his initial election and re-election.

According to the cleric, Wike had suffered legal setbacks before his first governorship win, losing in the High Court, Appeal Court, and facing an unfavorable Supreme Court ruling. Ibiyeomie said he reassured Wike, stating that God would intervene and even claimed to command a reversal of any adverse judgment.

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“I called him while I was in Israel; he was shaking but I told him not to fear,” the pastor said. “I told him that God will step in, and he said ‘Papa, I believe you.’ After our Five Nights of Glory program, Wike walked up to me, and the judgment was to be announced on Friday. Even though he had no money at that time, the situation turned in his favour, and he later acknowledged, ‘Papa, I knew this is God.’”

Ibiyeomie also described similar circumstances during Wike’s second term campaign, asserting that political forces were attempting to block his re-election. The pastor said he again prayed and made a covenant with God, dedicating millions spiritually on Wike’s behalf, which he credited for Wike’s eventual victory.

The cleric’s revelations have sparked conversations about the influence of religious leaders in Nigerian politics, particularly in swaying outcomes through spiritual support. Wike, a two-term governor of Rivers State from 2015 to 2023 under the Peoples Democratic Party (PDP), has long been a controversial yet influential figure, and his political trajectory continues to attract national attention.

Ibiyeomie’s claims, widely shared in a viral video, underscore the ongoing debate over the intersection of faith and politics in Nigeria, highlighting how some clerics play prominent roles in political campaigns.

Pastor Says Divine Prayers Helped Nyesom Wike Win Two Terms as Rivers Governor

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Iran Ready to Help Nigeria Combat Boko Haram, ISWAP — Envoy

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Gholamreza Mahdavi Raja, Iran’s ambassador to Nigeria
Gholamreza Mahdavi Raja, Iran’s ambassador to Nigeria

Iran Ready to Help Nigeria Combat Boko Haram, ISWAP — Envoy

Iran has expressed its readiness to support Nigeria in the fight against terrorism, rejecting recent allegations that Tehran sponsors extremist movements in West Africa. The offer was made by Gholamreza Mahdavi Raja, Iran’s ambassador to Nigeria, during an interview on Arise Television in Abuja.

Raja emphasised that Islamic groups in Nigeria maintain only spiritual and cultural links with Iran and do not have political or operational ties. He highlighted that recent rallies and mourning events organised by Shi’ite groups in Nigeria were expressions of grief following the death of Iran’s former supreme leader, Ali Khamenei, and not evidence of Iranian sponsorship.

The ambassador’s remarks came after Israeli Ambassador Michael Freeman accused Iran of backing Islamic movements in Nigeria and across West Africa to spread terrorism globally. Freeman cited concerns over Iran’s ballistic missile and nuclear programmes, claiming Nigeria has been affected by terrorism allegedly linked to Tehran.

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Responding to these claims, Raja called the accusations unfounded and politically motivated, stressing that Iran itself has been a victim of terrorism and has consistently condemned attacks worldwide. “We are ready to share our counterterrorism experience and assist countries like Nigeria that face extremist threats,” he said, noting Nigeria’s ongoing challenges with groups such as Boko Haram and the Islamic State West Africa Province (ISWAP).

Raja also underscored the importance of multilateral cooperation in tackling terrorism, adding that Iran is willing to work with Nigerian authorities to enhance security measures, protect citizens, and strengthen responses to insurgent violence.

The Iranian envoy’s statement aligns with the position of the Islamic Movement of Nigeria (IMN), which dismissed claims of Iranian backing as misleading and politically motivated. The controversy follows recent protests by IMN members across several Nigerian states in response to the strikes on Tehran carried out by the United States and Israel.

Iran’s offer of support comes at a time when Nigeria continues to grapple with rising insecurity, including repeated attacks by insurgent groups that have displaced communities and posed significant challenges to national security. Raja stressed that sharing Iran’s experience could help Nigeria address terrorism more effectively while highlighting the importance of moral and spiritual solidarity among Muslim communities.

Iran Ready to Help Nigeria Combat Boko Haram, ISWAP — Envoy

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