The Central Bank of Nigeria has issued a circular revising documentation requirements for PAPSS transactions in Nigeria, allowing authorised dealer banks to rely on basic customer documentation for lower-value transfers while keeping full foreign exchange documentation requirements for larger transactions. For individual transactions below USD 2,000 and corporate transactions below USD 5,000 (or equivalent) per month, banks may use basic know-your-customer and anti-money laundering documentation provided by customers. Above those thresholds, all documentation requirements in the Central Bank of Nigeria Foreign Exchange Manual and applicable circulars apply. Applicants remain responsible for making regulatory documents available for goods clearance where requested by government agencies. Authorised dealer banks may source foreign exchange for PAPSS settlement through the Nigerian Foreign Exchange Market without recourse to the Central Bank of Nigeria, and export proceeds repatriated under PAPSS must be certified by the processing banks.
Central Bank of Nigeria 2025-04-28
Central Bank of Nigeria eases documentation for low-value PAPSS transactions and permits market sourcing of FX for settlement
The Central Bank of Nigeria revised documentation requirements for PAPSS transactions, allowing banks to use basic customer documentation for individual transactions below USD 2,000 and corporate transactions below USD 5,000 per month. Full foreign exchange documentation is required above these thresholds. Banks can source foreign exchange for PAPSS settlements through the Nigerian Foreign Exchange Market, and export proceeds must be certified by processing banks.