Business

Pan-African Payment System To Save Africa $5bn Annually — AfCFTA

Published

3 years ago

January 14, 2022

The Secretary-General, African Continental Free Trade Area (AfCFTA), H.E Wamkele Mene has said thr commercial roll-out of the Pan-African Payment & Settlement System (PAPSS) will save Africa up to US$5 billion dollars annually.

The Secretary General made the remarks on Thursday at the Commercial Launch of the PAPSS in Accra, Ghana, which held virtually and physically.

The News Agency of Nigeria (NAN) reports that PAPSS is a cross-border, financial market infrastructure enabling payment transactions across Africa.

PAPSS ensures instant or near-instant transfer of funds between originators in one African country and beneficiaries in another.

Mene said, “The great liberation struggle heroes of our continent over 60 years ago had a vision of an integrated market in Africa are rejoicing today because the dream of an integrated Africa is becoming a reality in our lifetime.

“How fitting it is, therefore, that the commercial launch of the PAPSS is taking place here in Ghana, a country that has always been at the intellectual and philosophical vanguard of Pan-Africanism.

“This project is a pioneering effort at achieving a pan-African payments and settlements system which will enable Africa to reduce reliance on third currencies, and more importantly, it has the potential to significantly boost intra-Africa trade.

“The commercial roll-out of the PAPSS is timely and set to boost intra-Africa trade significantly by making cross-border payments less reliant on third currencies.

“It is set to save the continent up to US$5 billion dollars annually, which is the amount currency convertibility costs Africa.”

Mene explained that the African continent had, in the last two years, borne the effects of the challenges of the COVID-19 pandemic, which led to border closures, restrictions and logistical difficulties that had disrupted trade and economies.

“In the midst of this, our Heads of States took the bold decision to commence trading under the very difficult conditions that were caused by the COVID-19.

“Since the commencement of trading under the AfCFTA on Jan 1, 2021, significant improvements were recorded in other key aspects of the implementation of the agreement,” he said.

Mene added: “They include an increase in the number of AfCFTA State parties from 35 (64 per cent) in December 2020 to 39 (73 per cent) at the end of 2021.

“Improvement in the agreement on the AfCFTA rules of origin from 81.8 per cent to 88.6 per cent.

“Activation and operationalisation of the Dispute Settlement Body (DSB), a key pillar in the successful implementation of the agreement, in April.”

According to the AfCTA Secretary General, the Appellate body was also being constituted.

He also cited the successful hosting of the second edition of the IATF in Durban, South Africa, in November 2021, where a record US$ 42.1 billion trade and trade-related deals were concluded.

“Continuation of preliminary work on the phase II negotiations covering protocols on Intellectual Property, Investment, Competition Policy, Digital Trade (e-commerce), and Women and Youth in Trade.

“All these are a testament to the fact that momentum to implement the AFCFTA Agreement, one of the flagship projects of Agenda 2063, to achieve an integrated, prosperous and peaceful Africa, is on course.

“With the launch of the PAPPS, a critical tool of boosting intra-Africa trade, the implementation of the AfCFTA is well positioned to benefit SMEs, young entrepreneurs and those trading across borders in Africa.

“This is by significantly reducing the cost of trading across borders in Africa,” he said.

Business

Naira Appreciates At Official Market

Published

2 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

2 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

3 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.