The Pan-African Payment Platform Will Lessen Reliance On Dollars And Pounds In The Continent’s Trade – Emefiele

The Central Bank of Nigeria’s (CBN) governor, Godwin Emefiele, said the pan-African payment and settlement system (PAPSS) will ease cross-border transactions and minimize the use of third currencies in intra-African trade. For cross-border transactions in Africa, the third currencies are dollars, pounds, and euros. Emefiele made the remarks on Thursday at the opening of PAPSS in Accra, Ghana. The platform for commercial use was officially introduced by the Africa Export-Import Bank (Afreximbank) in partnership with the African Union (AU) and the African Continental Free Trade Area (AfCFTA). Speaking at the ceremony, Emefiele stated that the launch of PAPPS is a […]