Review of Documentation Requirements for PAPSS Transactions in Nigeria

CENTRAL BANK OF NIGERIA

09 46237800
TRADE AND EXCHANGE DEPARTMENT
09 46237804
E-mail address: ted@cbn.gov.ng

CENTRAL BANK OF NIGERIA
Corporate Head Office
Central Business District
P.M.B. 0187, Garki, Abuja, FCT

TED/FEM/PUB/FPC/001/006
April 28, 2025

TO: ALL AUTHORISED DEALER BANKS,
AND THE GENERAL PUBLIC

REVIEW OF DOCUMENTATION REQUIREMENTS FOR PAPSS TRANSACTIONS IN NIGERIA

Further to our circular referenced TED/FEM/PUB/FPC/001/009 issued on March 12, 2024 on the above subject, we hereby review the documentation requirements for PAPSS transactions in Nigeria as follows:

1. The use of basic documentation (KYC & AML) provided by the customers to
   the Authorized Dealer Banks for individuals transactions below USD2,000 and corporate transactions below USD5,000 (or equivalent) monthly is now allowable.

2. For transactions above USD2,000 and USD5,000 for individual and corporate
   respectively, all documentation requirements stipulated in the CBN Foreign Exchange Manual and extant circulars shall apply.

3. Applicants shall be responsible for ensuring that regulatory documents are
   made available, to facilitate the clearance of goods (as may be requested by the relevant Government Agencies).

4. ADBs are allowed to source foreign exchange for the settlement of PAPSS
   transactions through the Nigerian Foreign Exchange Market (without recourse to the CBN).

5. All exports proceeds repatriated under PAPSS shall be subject to certification
   by the respective processing banks.

Please note and be guided accordingly.

DR MUSA NAKORJI
DIRECTOR
TRADE & EXCHANGE DEPARTMENT