News Nigeria: CBN says National currency processing companies must have...

Nigeria: CBN says National currency processing companies must have N3bn capital

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The apex bank, Central Bank of Nigeria (CBN) says henceforth, any company registered to operate as a National Currency Processing Companies (CPC) must have a minimum capital of three billion naira.

The CBN made this known in a guideline released on its website on Monday.

The bank explained that such companies should be incorporated in the country and establish offices in any state of the federation, subject to approval by the CBN for the purpose of carrying out its operations.

According to the bank, such companies must be authorised to process cash in naira and foreign currencies to any part of the country.

The bank said that the company registered to operate as a regional CPC was also expected to have a minimum capital of two billion naira or such other amount as might be prescribed by the CBN from time to time.

The apex bank added that such should establish offices in states within one geo-political zone subject to approval by the CBN for the purpose of carrying out its operations.

The CBN said such must also be authorised to process cash in naira and foreign currencies within one geo-political zone.

“Promoters shall be private companies or individuals with proven integrity and experience in currency sorting operations, financial services, currency processing systems, sales and maintenance.

“Meanwhile, all companies providing both Cash-In-Transit (CIT) and Currency Processing Service shall meet the requirements for registration as specified under CIT and Currency Processing operations.

“In addition, companies registered to operate both national CPC and CIT should have a minimum capital of N4.0 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 N2.5 billion or such other amount as may be prescribed by the apex bank from time to time,” CBN explained.

The bank also warned that any company or individuals operating without registration or valid registration issued by CBN would have their facilities closed.

The apex bank added that such would be handed over to appropriate law enforcement agencies for prosecution.

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