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The Central Bank of Nigeria, CBN has announced a major review of the documentation needed for transactions carried out through the Pan-African Payment and Settlement System, PAPSS in Nigeria.
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 2,000 and 5,000 dollars respectively, while higher-value transactions will still require full documentation as outlined in the CBN Foreign Exchange Manual.
The apex bank 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, adding that export proceeds repatriated through PAPSS must be certified by the processing banks.
The CBN advised all banks, exporters, importers, and individuals to familiarize themselves with the new guidelines and leverage PAPSS for seamless cross-border transactions across Africa.
The Federal Government says it has completed repair works on the runway of Akanu Ibiam International Airport in Enugu and will be reopened today, Monday, April 28, 2025. Recall that FAAN had in a statement, explained that there was a sudden and significant rupture in the asphalt surface at a critical section of the runway, noting that emergency repairs will be conducted on that portion of the runway from April […]
