Regulatory Alerts2023-07-26 | TED/FEM/PUB/FPC/01/005Added · Updated
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.
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