How to solve ORA-01031: insufficient privileges when creating a cross-schema fk constraint

Scenario:
you want to create a cross-schema Foreign key constraint:

 ALTER TABLE JIM.TRANSACTION
 ADD ( CONSTRAINT TRANSACTION_FK 
       FOREIGN KEY (TRANS_ID) REFERENCES 
       DWIGHT.TRANSACTION_HISTORY(TRANS_ID)
     );

In order to accomplish this, user JIM needs the REFERENCES system privilege on DWIGHT's table:

GRANT REFERENCES ON DWIGHT.TRANSACTION_HISTORY TO JIM;