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CBN Revises Documentation Requirements For PAPSS Transactions

Ojimaojo Abubakar by Ojimaojo Abubakar
April 29, 2025
in Business
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CBN approves $20,000 for eligible BDCs at N1,580 exchange rate

CBN Governor,  Yemi Cardoso

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The Central Bank of Nigeria (CBN) has announced a significant review of the documentation requirements for transactions conducted through the Pan-African Payment & Settlement System (PAPSS) in Nigeria.

This initiative is part of CBN’s ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa.

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In a circular dated April 28, 2025, CBN introduced simplified documentation for low-value PAPSS transactions — allowing individuals and corporates to use basic KYC and AML documents for transactions up to USD 2,000 and USD 5,000 respectively. Higher-value transactions will still require full documentation as outlined in the CBN Foreign Exchange Manual.

The CBN also stated that Authorized Dealer Banks (ADBs) can now source foreign exchange for PAPSS settlements directly from the Nigerian Foreign Exchange Market, without relying on the CBN. Additionally, export proceeds repatriated via PAPSS must be certified by the processing banks.

The apex bank urged all banks, exporters, importers, and individuals to familiarize themselves with the new guidelines and leverage PAPSS for seamless cross-border transactions across Africa.

Launched by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat in January 2022, PAPSS serves as a centralized payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.

By facilitating payments in local currencies, PAPSS minimizes reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.

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Ojimaojo Abubakar

Ojimaojo Abubakar

Abubakar Ojimaojo is a graduate of Mass Communication, political and football analyst currently work at elanzanews.ng as Editor. He pride himself as skilled wordsmith with a passion for delving into contemporary political issues on both national and international scale.

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