The President of African Export-Import Bank, Professor Benedict Oramah has advised African countries to reduce the use of US dollars in their transactions in order to enhance their development. Professor Oramah said that entrepreneurs and countries should instead use the Pan African Payment Settlement System which the bank has already developed for intra-continental trade. Oramah who decried the excessive reliance on foreign currency, especially US dollars, argued that this dependence heightens inflationary pressures on commodities, which in turn subjects African trade to global volatility. Read More.
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