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.
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.
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.