The CBN has said that it has plans to to improve PAPSS for trade and payment.
The governor of the Central Bank of Nigeria, (CBN) Godwin Emefiele joined Zenith Bank on Tuesday for its 2021 International Trade Webinar which highlights the benefits of intra-regional trade.
The CBN Governor tasks banks to support Nigerian businesses seeking to expand into new markets in Africa. He recommended providing trade facilities especially to those with strong potentials for growth.
Emefiele makes case for Nigerian youths, saying that AFCFTA will provide opportunities for talented Nigerian youths to expand their services across Africa.
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CBN has a N500bn non-oil export stimulation facility with the Nigerian Export-Import Bank (NEXIM). This is to enable greater exports of processed agriculture commodities from Nigeria” – Emefiele.
More so, it also reposited Nigerian Commodity Exchange to support improved productivity for farmers, agro-processors.
During the Webinar, Emefiele disclosed plans by CBN and Afrexim Bank to improve payment infrastructure and trade through Pan African Payments and Settlement System (PAPSS).
Emefiele tasks exporters on repatriation of their export proceed to improve foreign exchange inflows into Nigeria.