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Nigeria’s Apex Bank Upgrades Continental Payment Systems Guidelines, Sets Quarterly Limits

The Central Bank of Nigeria has provided additional clarifications to the circular on the Pan African Payments and Settlements System (PAPSS) which was first issued nearly two years ago in October 2021.

In the new clarifications the bank stressed that transactions under the system must be trade backed and treated as bills for collection.

The Apex bank also set the quarterly limit for customers and authorized dealers at $20,000 and $200,000 respectively.

Further, the bank stated that multiple applications through different Authorised Dealer Banks (DBs) is prohibited while adding that it will henceforth only provide foreign exchange cover for transactions settled by it.

The Bank stressed that it will no longer provide foreign exchange cover for transactions handled by the PAPSS settlement bank.

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