The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said the recently launched Pan-African Payment and Settlement System (PAPSS) will simplify cross-border trade and reduce the heavy dependence on the US dollars, Pounds and Euro intra-African trade.

Emefiele disclosed this during the launch of the Payment and Settlement System. According to apex bank boss, the new payment solution would contribute towards formalising trade in the continent, adding that it would be beneficial to households, firms and financial institutions in the continent.

He estimated that intra-African trade would increase to 35 per cent, from 15 per cent in the next five years with infrastructure provided by PAPSS.