Alert: Central Bank of Nigeria Published TED/FEM/PUB/FPC/001/006 on 2025-04-28

Review of Documentation Requirements for PAPSS Transactions in Nigeria

Title: Review of Documentation Requirements for PAPSS Transactions in Nigeria

Summary: The Central Bank of Nigeria (CBN) has issued a review of documentation requirements for PAPSS (Pan-African Payment and Settlement System) transactions in Nigeria. According to the circular, basic KYC/AML documentation is sufficient for individual transactions below USD2,000 and corporate transactions below USD5,000. For higher value transactions, standard CBN Foreign Exchange Manual requirements apply. Applicants are responsible for ensuring regulatory documents are available for goods clearance, and authorized dealer banks (ADBs) can source foreign exchange through the Nigerian Foreign Exchange Market for PAPSS transactions. The circular also specifies that all export proceeds repatriated under PAPSS must be certified by the processing banks.

Posted on: 2025-04-28

Download: TED/FEM/PUB/FPC/001/006