CBN Revises Foreign Exchange Sourcing and Documentation Rules for PAPSS Transactions

The Central Bank of Nigeria (CBN) has introduced significant updates to foreign exchange sourcing and documentation requirements for transactions processed through the Pan-African Payment and Settlement System (PAPSS).

Key Changes in Forex Regulations

These regulatory adjustments aim to streamline cross-border payments while maintaining proper documentation standards for foreign exchange transactions within Nigeria’s financial system.

Impact on Financial Institutions

The revised rules will affect how banks and other financial institutions handle PAPSS transactions, requiring updated compliance procedures for foreign exchange operations.

Source: The Nation Newspaper