
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.
649258 874717Nothing much better than Bing obtaining us a good internet site related to what I was searching for. 529539
650885 211360Hi, have you ever before asked yourself to write about Nintendo or PSP? 963478
305492 11855I was seeking at some of your articles on this website and I believe this internet website is actually instructive! Keep on posting . 227631
984418 9868This article is extremely appealing to thinking people like me. Its not only thought-provoking, it draws you in from the beginning. This is well-written content. The views here are also appealing to me. Thank you. 916834
39899 595185Terrific paintings! That may be the type of details that are meant to be shared about the net. Shame on the seek for no longer positioning this publish higher! Come on over and consult with my web site . Thank you =) 265025
219229 38728I adore foregathering helpful data , this post has got me even more information! . 558811