The Central Bank of Nigeria (CBN) has reviewed the documentation requirements for cross-border transactions made through the Pan-African Payment & Settlement System (PAPSS), in a bid to enhance intra-African trade and financial inclusion.
In a recent circular, the CBN introduced simplified documentation for low-value transactions via PAPSS. Individuals can now carry out transactions up to $2,000 and corporates up to $5,000 using basic KYC and anti-money laundering documents. Higher-value transactions will still require full documentation, in line with the CBN Foreign Exchange Manual.