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CBN announces revised documentation requirements for PAPSS transactions
The Central Bank of Nigeria (CBN) has announced a revised documentation requirement for transactions conducted through the Pan-African Payment and Settlement System (PAPSS) in Nigeria.
This was disclosed in a statement issued by the apex bank’s acting Director, Corporate Communications, Mrs. Hakama Sidi Ali
The CBN said the new initiative is part of its ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa.
Launched by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) secretariat in January 2022, PAPSS serves as a centralized payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.
By facilitating payments in local currencies, PAPSS minimizes reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.
In a recent circular referenced TED/FEM/PUB/FPC/001/006 issued on April 28, 2025, CBN outlined the key changes to the documentation requirements associated with PAPSS transactions.
The key changes it added take effect immediately and include simplified documentation for low-value transactions, which allows customers to now use basic KYC and AML documents provided to their authorized dealer banks for low-value transactions of up to $2,000 and $5,000 equivalent in naira for individuals and corporate bodies, respectively.
“For transactions above the thresholds, all documentation as stipulated in the CBN foreign exchange manual and related circulars remains mandatory,” the bank said.
Also, the CBN added that applicants are responsible for ensuring all regulatory documents are available to facilitate the clearance of goods, as required by relevant government agencies.
“Authorized dealer banks may now source foreign exchange for PAPSS settlements through the Nigerian foreign exchange market, without recourse to the CBN.
“All export proceeds repatriated via PAPSS shall be certified by the relevant processing banks.
“The Central Bank of Nigeria urges all banks to adopt PAPSS and commence originating transactions in line with this new policy.
“In addition, CBN encourages exporters, importers, and individuals to familiarize themselves with the new requirements and leverage PAPSS for cross-border transactions within Africa,” the statement said.
News
#Osoko65: Ex-VP Osinbajo visits former Gov Fayose days to his birthday (Photos)
…says he’s resilient and a steadfast Nigerian
As his 65th Birthday draws near, former Vice President, Prof Yemi Osinbajo, visited the former Governor of Ekiti State, Ayodele Fayose, in his Lagos residence today.
Prof Osinbajo congratulated Fayose on his 65th Birthday, coming on November 15, 2025.
The former Vice President said he had to pay Fayose the visit because he won’t be available on November 15 to attend the birthday celebration.
He described Fayose as a resilient and steadfast Nigerian, who follows whatever he believes in doggedly.
News
Tunji Alausa’s Team records 10,000 digitised thesis submissions in three weeks
● Enrols 135 institutions for certificate verification
● Ekiti, Bayero Universities, Auchi Poly lead national digital submission
Early reports from the newly established national education record digitisation programme under the auspices of the Nigeria Education Repository and Databank (NERD) have shown that Nigerian students successfully uploaded and curated over 10,000 project entries in the first 3 weeks since the programme began.
The figure climbed to over 11,000 submissions by this weekend, with 158 post-graduate entries from a total of 242 active institutions, while over 40,000 students have been successfully enrolled into the NERD system.
The NERD programme, unveiled to Nigerians by Dr Tunji Alausa, the Minister of Education, has also onboarded 135 tertiary institutions for academic credential verification purposes as of press time.
From the live information analytics available on the NERD portal, Ekiti State University, Ado-Ekiti leads with a total of 990 curated entries, followed by Bayero University Kano, with a total submission of 611 as of press time.
Auchi Polytechnic, Edo State, ranks third on the list of highest early enrolment figures with a total student project entry of 532.
They are followed closely by Ambrose Alli University, Ekpoma Edo State (493), Osun State Polytechnic Iree, Osun State (479), the University of Ilorin Kwara State (469), Bamidele Olumilua University of Education, Science and Technology Ikere Ekiti (462), Kaduna Polytechnic (379), the University of Benin Edo State (374) and the University of Nigeria, Nsukka, Enugu State, with 282 entries to make the list of 10 highest student submissions at the end of the first one month of the programme.
Science and Innovation, with entries of 5,952, lead the national students’ industry preference or knowledge pillars, and the figure is not derived from Science and Engineering students alone, as students from Arts and Social Science backgrounds were discovered to be pursuing research topics around innovation and similar cutting-edge thematic trends.
Other higher industry thematic preferences are Multidisciplinary 2,091, Engineering and Technology 1,958, Tourism and Entertainment 1,392, Infrastructure and Sustainable Development 952, while Humanities has 783 submissions.
The majority of the entries are accompanied by the names of the student, their supervisors and heads of departments.
Haula Galadima, NERD’s spokesperson, clarified that one of the strategic objectives of the Federal Government for the thesis digitisation, classification, and archiving scheme was to enhance the quality of supervision without directly meddling in the process.
She stated that lecturers across Nigerian institutions were likely to be more thorough with their supervisory work if they were aware that their names would accompany those works and would be available to or be seen by other researchers, captains of industry and entrepreneurs globally.
She also stated that “NERD now has precision metrics to track earned allowances computation in any institution in Nigeria, and this will help the government to see the quantum of supervisory works being done by our lecturers outside their rigorous class teaching schedules, field, or laboratory work.”
The report also indicates that a slightly higher number of female students successfully enrolled and submitted ahead of their male counterparts, with Male: 4,995 to Female: 6,142.
The information analytics can presently be monitored by clicking Data Analytics or Open Platform on the NERD portal at https://esmat.ned.gov.ng.
For the first time since independence, Nigeria, under the Tinubu-led administration, took a revolutionary decision to digitise, classify, and organise the thousands of yearly research outputs being produced in the nation’s higher institutions.
The goal is to improve the quality of those works, organise and curate them in a location where they can be easily accessed by the industry, as well as make them available to other researchers who can improve upon them for overall national growth and development as a net contributor to global knowledge in a measurable and accountable manner.
Basically, the Federal Government intends to leverage NERD as a strategic tool to promote institutional quality upgrade without directly getting involved or meddling in the institutional processes.
Under the NERD regulation, all academic outputs are to be deposited in the national databank regardless of institution type or proprietorship and regardless of the level of study, whether undergraduate or postgraduate.
Even though NERD has asked NYSC to excuse undergraduates whose process of clearance began in their respective schools before the October 6 enforcement date from the mandatory NERD compliance clearance requirement, since they fall in the transition period, undergraduate students across the nation’s institutions have continued to upload their academic works onto the NERD platform on an hourly basis.
The student’s national thesis digitisation project is one of the key services of the Nigerian Education Repository and Databank.
Other mandates of NERD are the ongoing National Academic Credential Verification scheme targeted at eliminating qualification fraud in the public and private sectors of Nigeria, as well as the National Students’ Clearing House scheme aimed at serving as the central record keeper post-admission across all institutions.
News
Concerned Nigerians Petition Trump Over Zamfara Killings, Seek Visa Ban on Gov Lawal
A coalition under the banner of the Concerned Nigerians for Human Security has petitioned United States President Donald Trump, calling for international attention and decisive action over the worsening security situation in Zamfara State and other parts of northern Nigeria.
In an open letter addressed to the U.S. President, the group described the killings and mass displacement in Zamfara as “a humanitarian tragedy that demands urgent global response.”
According to the coalition, thousands of Nigerians, including men, women, and children, have been killed, abducted, or forced to flee their homes as a result of ongoing attacks by armed groups.
“We write not just as citizens mourning the thousands whose lives have been brutally cut short across parts of northern Nigeria, but as people who recognize your important role as a global leader always ready to confront moral wrongs,” the letter read in part.
The group alleged that while billions of naira are allocated for security across states, the crisis in Zamfara continues to worsen, leading to the deaths of innocent citizens and the destruction of entire communities. It claimed that the situation reflects what it called “a total breakdown of leadership and accountability in the management of security resources.”
The coalition urged President Trump and the U.S. government to impose visa restrictions on certain political figures, including Governor Dauda Lawal of Zamfara State, to “apply international accountability pressure on political actors who trade human lives for political and financial gain.”
“Leadership is a moral duty, not a personal luxury,” the group said, adding that sanctions would “disrupt the comfort derived from foreign refuge and compel responsibility at home.”
The coalition further clarified that the violence in Zamfara should not be viewed through a religious lens, stressing that both Muslims and Christians have suffered devastating losses.
“These killings have no religious connection. They are the direct consequence of governance failure, gross negligence, and mismanagement of security resources,” it stated.
The letter also commended the efforts of President Bola Tinubu in deploying special forces and strengthening national security architecture but maintained that “no federal intervention can succeed where state leaders fail to act with urgency.”
It urged the Nigerian government to consider declaring a state of emergency in Zamfara to restore peace and rebuild devastated communities.
“We are appealing for moral intervention and international support to help end the cycle of killings and displacement in Zamfara and across northern Nigeria,” the petition added.
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