Business
CBN pegs transactions on PAPSS by dealer banks to $200,000
The Central Bank of Nigeria (CBN) has limited the number of dollars to be transacted on the Pan-African Payment and Settlement System, PAPSS) to $200,000 per quarter by authorised dealer bank (ADB) and $20,000 per quarter for a customer.
The apex bank disclosed this in a recent circular signed by its Director of Trade and Exchange, Ozoemena Nnaji.
It stated that transactions would be priced based on CBN’s foreign exchange.
The bank said multiple applications through different ADBs are not allowed.
“For settlement of PAPSS transactions by CBN, authorised dealers shall obtain the approval of CBN for USD cover before initiating payments on PAPSS. The request for approval shall be submitted online.
“Please note that authorised dealer banks are allowed to maintain a USD settlement account with the PAPSS settlement bank to settle PAPSS transactions, for which CBN would not provide foreign exchange,” the circular reads.
DAILY POST gathered that PAPSS is an international payment system and cross-border financial market infrastructure enabling remittance payment and trade between African countries.
-
Politics6 days agoJUST-IN: George Turnah Welcomes Isaac Amakuro’s Disassociation from G-House Political Family
-
Business1 day agoAn Open Appeal To The Gov. Of Bayelsa State, Sen. Diri Douye Regarding The Removal Of My Prominent Billboard On Azikoro Road, Near Ekeki Park.
-
News2 days agoPolice have arrested three suspects who offered a pregnant woman N30 million to terminate her six-month-old fetus for a ritual in Niger State
-
Crime6 days agoWhy I Butchered Student I Met on Facebook – Kwara Cleric
-
Politics5 days agoBreaking News: The Federal High Court has ordered PDP to go ahead with its South-South Zonal Congress
-
Politics5 days agoRivers Crisis: Eze Warns Tinubu That Posterity Will Judge Him If Fubara Is Humiliated
-
Gist1 day agoA housewife in Bauchi has stabbed her husband to death during a dispute over child custody
-
Business5 days agoDangote Reveals That Government Contributes Only 15% to GDP