The Central Bank of Nigeria (CBN) has lifted restrictions on transactions within the Pan-African Payment and Settlement System (PAPSS), including the quarterly limits previously imposed.
Hassan Mahmud, CBN’s director of trade and exchange department, announced the removal of these limits, emphasizing the move’s alignment with efforts to boost foreign exchange inflows and facilitate intra-Africa continental trade.
The revised circular removes restrictions on PAPSS transactions, allowing authorized dealer banks to source foreign exchange from the Nigerian market without CBN intervention.
Additionally, all export proceeds repatriated through PAPSS must be certified by processing banks. PAPSS serves as a vital cross-border financial infrastructure, addressing trade challenges across Africa’s diverse currency landscape.
