CBN gives directive to banks to apply I&E rates to PAPSS Transactions

The Central Bank of Nigeria, CBN, has Instructed banks to apply exchange rates in the Investors and Exporters (I&E) window for outbound payments through the Pan African Payments and Settlement System (PAPSS).

The CBN made this known in a circular introducing the Guidelines on Operations of PAPSS in Nigeria, signed by the Director, Trade and Exchange Department, CBN, Dr Ozoemena Nnnaji.

The CBN circular read: “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;