The Next Edition
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
No Result
View All Result
The Next Edition
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
Home Top News

CBN Rolls Out Guidelines For National, Regional Currency Processing Coys

Next Edition by Next Edition
October 29, 2019
in Top News
CBN to sell N823.4b worth of treasury bills in Q1
0
SHARES
1
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Nigeria’s apex bank, the Central Bank of Nigeria, CBN, has directed that going forward, any company registered to operate as a National Currency Processing Company, CPC, must have a minimum capital of four billion naira.

Also such companies should be incorporated in the country and have offices in any state of the federation, subject to approval by the CBN for the purpose of carrying out its operations.

You might also like

Man Who Breached Protocol During Tinubu Speech Has Psychiatric Disorder — Police

Lagos Shuts Oko-Oba Abattoir Over Unsanitary Practices

Moment Tinubu Was Nearly Attacked In Kaduna

In a guideline released on its website on Monday, the apex bank noted further that the companies must be authorised to process cash in naira and foreign currencies to any part of the country.

However, companies registered to operate as regional CPCs should have a minimum capital of N2. 5billion naira or such other amount as might be prescribed by the CBN from time to time.

READ ALSO: CBN Clarifies Cashless Policy Transaction Charges

Such companies should establish offices in states within one geo-political zone subject to approval by the apex bank for the purpose of carrying out its operations and 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,” the guidelines said.

The CBN warned that any company operating without valid registration from it would be closed while individuals behind it would be handed over to appropriate law enforcement agencies for prosecution.

Tags: Central Bank of NigeriaCurrency Processing ServiceNational Currency Processing CompanyNIgeria
Next Edition

Next Edition

Recommended For You

FCT Police Take Custody Of Suspect Accused Of Taking Woman To Hotel For Ritual

Man Who Breached Protocol During Tinubu Speech Has Psychiatric Disorder — Police

The Kaduna State Police Command has said that the fellow who breached security protocol during the commissioning of projects at Murtala Mohammed Square by President Bola Tinubu was...

Lagos Shuts Oko-Oba Abattoir Over Unsanitary Practices

Lagos Shuts Oko-Oba Abattoir Over Unsanitary Practices

    The Lagos State government yesterday shut down the Oko-Oba Abattoir in Agege over unsanitary practices, waste mismanagement, and unhygienic handling of animal products. The closure directive...

Moment Tinubu Was Nearly Attacked In Kaduna

Moment Tinubu Was Nearly Attacked In Kaduna

A yet-to-be-identified man attempted to breach the security perimeter around President Bola Tinubu on Thursday during an official visit to Kaduna State. The President was in Kaduna to...

Govern Oyo

Insecurity: APC Governors Back Tinubu, Weigh State Police Option

The Progressive Governors’ Forum (PGF), amid mounting security challenges across the country, has declared its unwavering support for President Bola Tinubu’s efforts to tackle insecurity while urging state...

Next Post
12 Serious Side Effects Of Turmeric

12 Serious Side Effects Of Turmeric




Related News

Fuel crisis: Marketers counter NNPC claim, say they are not hoarding products

Fuel crisis: Marketers counter NNPC claim, say they are not hoarding products

NYSC Grants 82 Nursing, Pregnant Corps Members, Others Exit Permits In Ogun, As 2,067 Begin Orientation

NYSC Announces Date For ‘2024 Batch C’ Registration

10 Ways To Ruin Your Marriage Right Before Bed

10 Ways To Ruin Your Marriage Right Before Bed




The Next Edition

Office Address

3B, Agboola Aina street, Off Toyin Street,
Ikeja, Lagos.

Quick Contact Details

Phone:
08033018430
Whatsapp:
08051679910

Email:
[email protected]
[email protected]

Categories

  • Aviation
  • Beauty
  • Breaking News
  • Business
  • Columnists
  • Editorial
  • Entertainment
  • Fashion
  • Featured
  • Football
  • Foreign
  • Headline News
  • Home & Garden
  • Interviews
  • Investigations
  • North Central
  • North East
  • North West
  • Opinion
  • Parenting
  • Politics
  • Relationships
  • South East
  • South West
  • South-South
  • Special Reports
  • Sports
  • Top News
  • Vox Pops

© Next Edition Business Development Limited

  • About Us
  • Advert Rate
  • Contact Us
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate

© Next Edition Business Development Limited