African states to trade in local currencies under AfCFTA

February 8, 2021 XinhuaNet 0 Comments

African states will be able to trade in their local currencies for intra-Africa trade under the African Continental Free Trade Area agreement (AfCFTA), an official said on Thursday.

Wamkele Mene, secretary-general of the AfCFTA Secretariat told journalists in Nairobi that the trading bloc is working with the African Export and Import Bank (Afreximbank) ) to establish a payment and settlement platform to eliminate the need for currency convertibility.

“When the platform is fully operational, African companies will be able to transact with their counterparties in other Africa countries in their local currencies,” Mene said. Read More.

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