General News
Economy: CBN Directs Banks to Adopt Official FX Rate for Cross-Border Payments
The Central Bank of Nigeria (CBN)
has directed all commercial banks in the Country to adopt the exchange rate in the importer and exporter window (I&E) for cross-border payments through the Pan-African Payments and Settlement System (PAPSS).
PAPSS which is a centralised payment and settlement infrastructure for intra-African trade and commerce payments, was developed by the African Export-Import Bank (Afreximbank) in partnership with the West African Monetary Institute (WAMI).
CBN gave the directive in a circular introducing the guidelines on operations of PAPSS in Nigeria, recently signed by Ozoemena Nnaji, CBN’s director of trade and exchange department.
The I&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.
Currently, naira trades between N410 and N411 at the market — which the CBN had adopted as the country’s official rate.
By implication, intra-African businesses will need CBN’s approval for banks to convert rates at the prevailing I&E FX rate for cross border payments and transactions.
The circular reads, “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”.
“For settlement of PAPSS transactions by CBN, authorised dealers shall obtain the approval of CBN for dollar cover before initiating payments on PAPSS.
“The request for approval should be forwarded to the Director, Financial Markets Department, CBN.
“That 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.”
According to the circular, all the required documentation should be provided before a transaction is initiated on PAPSS by authorised dealers and their customers.
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.
The circular added that the provisions of all existing guidelines, circulars, and directives on the operations of foreign exchange market shall apply.
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. “Items classified ‘not valid for Foreign Exchange’ shall remain ineligible,” the circular adds.
General News
Clergy Urged To Put Members’ Welfare Above All Else
At a solemn ordination service in Abuja, senior church leaders have called on pastors to make the well-being of their congregations a top priority, following the example of Jesus Christ.
Speaking during the priesthood ordination and installation of a Sub Dean at the Cathedral Church of Advent, Life Camp, Abuja, the retired Bishop of the Anglican Diocese of Okene, Rt. Rev. Emmanuel Ajulo, described pastors as shepherds charged with the care of their flock. He urged them to shun worldly distractions and focus on meeting the spiritual and material needs of their members.
Bishop Ajulo also encouraged the newly ordained priests to remain faithful to their calling by teaching God’s word without compromise.
In his charge, the Primate of the Church of Nigeria, Anglican Communion, Most Rev. Henry Ndukuba, urged the new clergy to preach the undiluted gospel and foster religious harmony wherever they serve. He expressed confidence that their new roles would help promote peace and unity in society.
The service also featured prayers for national leaders and divine intervention in addressing the current global economic challenges.
General News
1,000 Prayer Warriors Storm Ilorin for Tinubu, Nation’s Deliverance
In a dramatic show of faith and patriotism, over 1,000 fiery prayer warriors from across Nigeria will descend on Ilorin, Kwara State, this Saturday, lifting their voices in intense intercession for President Bola Tinubu’s success and Nigeria’s survival in the face of biting economic woes and mounting insecurity.
The spiritual siege, themed “Walking in Domini”, is the maiden convention of the Organisation of African Instituted Churches (OAIC), with its Kwara State Chairman, Evangelist Thomas Adeboye, vowing that “heaven will hear and respond to Nigeria’s cry.”
Aside from marathon prayers, the gathering will roll out free medical outreach to locals across Kwara’s LGAs, a gesture aimed at touching both body and soul.
Adeboye, lamenting Nigeria’s “troubling economic and security realities”, called for a nationwide prayer uprising, insisting that Tinubu has shown the will to revive the nation but needs massive divine backing to succeed.
“Banditry, a collapsing economy, and political tension demand we seek God’s face like never before,” he declared. “We will storm heaven for wisdom for the President and governors to steer Nigeria to safety.”
The convention will also feature awards to distinguished personalities, soul-lifting worship, fiery sermons, and unity-driven lectures—all capped with thunderous prayers for Nigeria’s redemption.
Adeboye urged the President to ensure every policy has “a human face,” stressing that Nigerians must not only endure but also enjoy the fruits of governance.
With the OAIC promising to reaffirm believers’ authority in Christ and rally spiritual boldness in the face of national challenges, Ilorin is set to become the epicentre of a powerful spiritual warfare for Nigeria’s destiny.
General News
Nigerian Anglicans Condemn Lesbian Archbishop of Wales, Deepening Global Anglican Rift
…Church leaders accuse Welsh counterparts of “spiritual decadence” and “abandonment of faith”
The Church of Nigeria (Anglican Communion) has issued a forceful condemnation of the election of Rt. Rev. Cherry Vann, an openly lesbian cleric, as the Archbishop of Wales. The move is the latest in a series of developments that have deepened divisions within the global Anglican Communion over sexuality and doctrine.
In a statement from Primate The Most Rev’d Henry Ndukuba, the church denounced the election as a “serious departure from biblical teaching” and a sign of “spiritual decadence” and “an outright abandonment of the faith once delivered to the saints.”
Archbishop Ndukuba warned that Bishop Vann’s elevation compromises the Anglican Church’s global mission and could obstruct evangelism. He compared the situation to the controversial tenure of Most Rev. Katherine Jefferts Schori, former Presiding Bishop of the U.S. Episcopal Church, who also faced intense criticism from conservative Anglicans for her progressive views.
The Primate accused Bishop Vann of being complicit in the “ongoing crisis” around same-sex issues, stating that the election is a “clear revelation that many who claim to be members of the body of Christ cannot endure sound doctrine” (2 Timothy 4:3–4).
The Church of Nigeria called on Anglicans worldwide to reject “rebels” and “apostates” and to instead support conservative bodies like the Global Anglican Future Conference (GAFCON).
“The Church of Nigeria (Anglican Communion) condemns, unequivocally rejects, and will not recognize the election of Rt. Rev. Cherry Vann as Archbishop of Wales,” Ndukuba declared. He concluded with a solemn warning that without repentance, the Church in Wales risks losing “complete relevance” and its leaders will face judgment.
