2023-07-26 | TED/FEM/PUB/FPC/01/005

Introduction of the Pan African Payments and Settlement System (PAPSS)

The Central Bank of Nigeria issues additional guidelines for the Pan African Payments and Settlement System (PAPSS), emphasizing trade-backed transactions with a limit of $20,000 per customer and $200,000 per authorized dealer bank per quarter. Authorized dealers must obtain CBN approval for USD cover before initiating PAPSS payments, and multiple applications through different banks are not permitted.

Nigeria

Central Bank of Nigeria

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