Central Bank of Nigeria's (CBN) governor Godwin Emefiele gives a press conference on the naira devaluation during a media briefing in Abuja on June 15, 2016. Nigeria's central bank said today it will ease currency controls and allow the naira to devalue as the country works to attract investment amid a worsening economic outlook. Central Bank of Nigeria (CBN) governor Godwin Emefiele said in a televised speech from Abuja that the currency market will be "purely market driven". / AFP / PHILIP OJISUA (Photo credit should read PHILIP OJISUA/AFP/Getty Images)
By Andy Nssien
The Central Bank Of Nigeria (CBN) has directed all companies, including Deposit Money Banks, who are desirous of providing currency distribution and/or currency processing services in Nigeria to register for operations.
In a revised guidelines for the registration of Cash-in-Transit and Currency Processing companies in Nigeria, the CBN said the purpose was to enhance the efficiency and cost-effectiveness of currency management.
It was also to facilitate the generation of fit Naira banknotes for payment, promote the use of shared facilities to drive down currency management cost, engender healthy competition among service providers and ensure product quality, integrity and standardization in Nigeria.
The apex bank said this update was in furtherance of the circular it released on the “Notice to Companies Providing Currency Sorting and Distribution Services and Deposit Money Banks providing these services for themselves or other banks in Nigeria”, published on 14th December, 2009.
Under the revised guidelines, a company registered to provide Cash-in-transit services in all states in the federation shall have a minimum capital of N1billion while a regional operation shall attract a minimum of N500 million.
For Currency Processing companies (CPC), a company would be registered to operate a national CPC operating in all the states in the federation or a regional CPC operating within the states of one geo-political zone. The national CPC shall have a minimum capital of N3 billion, while the regional CPC shall attract a minimum of N2 billion.
Companies providing both CIT and CPC services shall meet all the requirements for registration as specified under Cash-in-transit and Currency Processing operations.
In addition, they shall have a minimum capital of ₦4.0 billion or such other amount as may be prescribed by the CBN from time to time, while companies registered to operate both Regional CPC and CIT shall have a minimum capital of ₦2.5 billion or such other amount as may be prescribed by the CBN from time to time.
For money banks desirous of providing currency processing and distribution services, they shall jointly (two or more banks) float a subsidiary company. The subsidiary company(ies) shall meet all the registration requirements and be subject to the regulatory and supervisory framework of the CBN.
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