The Central Bank of Nigeria (CBN) has removed limits and restrictions on transactions on the Pan-African Payment and Settlement System (PAPSS), a cross-border financial market infrastructure (PAPSS).

“Following the recent liberalization of the Nigerian foreign exchange market and the initiatives of the Central Bank of Nigeria (CBN) to stimulate foreign exchange inflows, in particular through the facilitation of intra-African continental trade, we are hereby revising our circular Ref. -TED/FEM/PUB. /FPC/01/005 issued on July 25, 2023 on the subject above,” the circular reads

In July 2023, the umbrella bank set the amount of dollars to be processed on PAPSS at $200,000 per quarter by the authorized dealer bank, ADB, and at $20,000 per quarter for a customer.