The Central Bank of Nigeria has set a new regulations for capital requirements for Currency Processing and Cash-In-Transit companies interested in the country’s financial sector.
The Apex Bank disclosed this in a circular on Revised guidelines to facilitate generation of good banknotes and promote the use of shared facilities to drive currency management cost.
It stated that National Currency Processing Company must have a minimum capital of N3billion, while a regional CPC must have a minimum of N2billion.
while a national Cash-In-Transit must have a minimum of N1billion and a regional CIT company must have a minimum of N500million.
The circular also stated that Companies registered to operate both national CPC and CIT shall have a minimum capital of N4billion or other amount as may be prescribed by the CBN. And companies registered to operate both regional CPC and CIT shall have a minimum capital of N2.5billion.
It warned that private company or individuals operating without a valid registration issued by the CBN shall have the facility closed and handed over to law enforcement agencies.