Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/007

Title: Guidelines On The Operations of Pan African Payments And Settlement System In Nigeria

Summary: The circular informs all authorized dealers and the general public about the introduction of the Pan African Payments and Settlement System (PAPSS) by Afreximbank in partnership with West African Monetary Institute (WAMI). The system supports cross border retail payments in local currencies within West Africa and inter-bank settlement in USD, aiming to provide faster settlement and reduce costs for cross border transactions within Africa. Each central bank will determine eligible transactions for providing foreign exchange, and commercial banks may maintain a USD settlement account at Afreximbank for payments outside of eligible transactions.

Posted on: Monday, October 11, 2021

Download: TED/FEM/PUB/FPC/01/007