Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/005
Title: Introduction of the Pan African Payments and Settlement System (PAPSS)
Summary: The Central Bank of Nigeria has issued a circular providing additional clarifications for transactions using the Pan African Payments and Settlement System (PAPSS). The clarifications state that PAPSS transactions must be trade backed, eligible payment mode shall be Bills for Collection, the limit per customer per quarter shall be $20,000, and the limit per Authorized Dealer Bank per quarter shall be $200,000. Furthermore, multiple applications through different Authorized Dealer Banks are not allowed. Authorized Dealer Banks must obtain approval from the Central Bank for USD cover before initiating payments on PAPSS.
Posted on: Tuesday, July 25, 2023
Download: TED/FEM/PUB/FPC/01/005