The Central Bank of Nigeria has announced that any company registered under the National Currency Processing Companies (CPC) must have a minimum capital of three billion naira.
This announcement was made on Monday in a guideline released on its website. CBN stated that regional offices should be had in every state for regulation of the policy, and added that each company must be registered with CBN or face an appropriate penalty for it.
“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.