{"id":93343,"date":"2021-10-14T13:16:37","date_gmt":"2021-10-14T12:16:37","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=93343"},"modified":"2021-10-14T13:16:37","modified_gmt":"2021-10-14T12:16:37","slug":"adopt-official-fx-rate-for-intra-african-transactions-cbn-tells-banks","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/10\/14\/adopt-official-fx-rate-for-intra-african-transactions-cbn-tells-banks\/","title":{"rendered":"Adopt official FX rate for intra-African transactions, CBN tells banks"},"content":{"rendered":"<p>Commercial banks have been directed by the Central Bank of Nigeria (CBN) to adopt the exchange rate in the importer and exporter window (I&amp;E) for cross border payments through the Pan-African Payments and Settlement System (PAPSS).<\/p>\n<p>PAPSS\u00a0is a centralised payment and settlement infrastructure for intra-African trade and commerce payments.<\/p>\n<p>It was developed by the African Export-Import Bank (Afreximbank) in partnership with the West African Monetary Institute (WAMI).<\/p>\n<p>This directive was issued by the apex bank in a circular introducing the guidelines on operations of PAPSS in Nigeria, recently signed by Ozoemena Nnaji, CBN\u2019s director of trade and exchange department.<\/p>\n<p>The I&amp;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.<\/p>\n<p><span data-preserver-spaces=\"true\">Currently, naira trades between N410 and N411 at the market &#8211; which the <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/10\/11\/osinbajo-asks-cbn-to-devalue-naira-says-exchange-rate-is-artificially-low\/\">CBN<\/a> had adopted as the country&#8217;s official rate.<\/span><\/p>\n<p>By implication, intra-African businesses will need CBN\u2019s approval for banks to convert rates at the prevailing I&amp;E FX rate for cross border payments and transactions.<\/p>\n<p>\u201cAll 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,\u201d the circular reads.<\/p>\n<p>\u201cFor settlement of PAPSS transactions by CBN, authorised dealers shall obtain the approval of CBN for dollar cover before initiating payments on PAPSS.<\/p>\n<p>\u201cThe request for approval should be forwarded to the Director, Financial Markets Department, CBN.<\/p>\n<p>\u201cThat 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.\u201d<\/p>\n<p>According to the circular, all the required documentation should be provided before a transaction is initiated on PAPSS by authorised dealers and their customers.<\/p>\n<p>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.<\/p>\n<p>The circular added that the provisions of all existing guidelines, circulars, and directives on the operations of foreign exchange market shall apply.<\/p>\n<p>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.<\/p>\n<p>\u201cItems classified \u2018not valid for Foreign Exchange\u2019 shall remain ineligible,\u201d the circular adds.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Commercial banks have been directed by the Central Bank of Nigeria (CBN) to adopt the exchange rate in the importer and exporter window (I&amp;E) for cross border payments through the Pan-African Payments and Settlement System (PAPSS). PAPSS\u00a0is a centralised payment and settlement infrastructure for intra-African trade and commerce payments. It was developed by the African [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":92952,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[19868,8634,658,19589,18127],"class_list":["post-93343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-papss","tag-african-countries","tag-cbn","tag-commerical-banks","tag-fx"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Adopt official FX rate for intra-African transactions, CBN tells banks<\/title>\n<meta name=\"description\" content=\"Commercial banks have been directed by the Central Bank of Nigeria 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