Estimated reading time: 9 minute(s)
Banks desirous of providing currency processing and distribution services are expected to jointly collaborate with two or more of their peers to float a subsidiary company, the Central Bank of Nigeria (CBN) has stated.
But the subsidiary company would be expected to meet all the registration requirements for cash-in-transit (CIT) and currency processing companies (CPC).
The banking sector regulator disclosed this in its, “Revised Guidelines for the Registration of Cash-in-Transit and Currency Processing Companies in Nigeria,” posted on its website.
The central bank stressed that any private company or individual(s) operating without a valid registration would have the facility closed, and in addition the promoters shall be handed over to appropriate law enforcement agencies for prosecution.
The bank regulator said the latest circular was to enhance efficiency and cost-effectiveness of currency management, facilitate the generation of fit naira banknotes for payment, promote the use of shared facilities to drive down currency management cost and engender healthy competition among service providers, among others.
For CIT companies, the banking sector regulatory stipulated that the company should be duly incorporated in Nigeria and should be registered either for national or regional operations.
A national CIT means a company registered to operate in all states of the federation, while a regional CIT shall operate within the states of one geo-political zone.
According to the central bank, a company registered to operate as a national CIT should have a minimum capital of N1 billion or such other amount as may be prescribed by the regulator from time to time.
In addition, a national CIT would be entitled to establish offices in any state of the federation subject to approval by the CBN, for the purpose of carrying out its operations and be authorised to move cash in naira and foreign currencies to any part of Nigeria.
On the other hand, a company registered to operate as a Regional CIT shall have a minimum capital of N500 million or such other amount as may be prescribed by the CBN from time to time; be entitled to establish offices in states within one geo-political zone subject to the approval by the CBN, for the purpose of carrying out its operations and be authorised to move cash in naira and foreign currencies within one geo-political zone.
On the other hand, for CPC, the central bank explained that a national CPC means a company registered to operate in all states of the federation, while a regional CPC shall operate within the states of one geo-political zone.
A company registered to operate as a National CPC shall have a minimum capital of N3 billion or such other amount as may be prescribed by the CBN from time to time and be entitled to establish offices in any state of the federation subject to approval by the CBN, for the purpose of carrying out its operations and be authorised to process cash in naira and foreign currencies to any part of Nigeria.
“All companies providing both cash-in-transit and currency processing services shall meet all the requirements for registration as specified under CIT and CPC. In addition, companies registered to operate both national CPC and CIT shall have a minimum capital of N4 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 CBN from time to time,” the circular added.
Estimated reading time: 1 minute(s)
FOOTNOTE: Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 or email: platformtimes@gmail.com
I enjoy looking through an article that will make people think.
Also, many thanks for permitting me to comment!
At this time I am ready to do my breakfast, later than having my breakfast coming yet again to read other news.
Write more, thats all I have to say. Literally, it seems as though you relied on the video
to make your point. You definitely know what youre talking about, why waste your intelligence
on just posting videos to your blog when you could be giving us
something enlightening to read?
I blog quite often and I seriously thank you for your information. This article has really peaked my
interest. I will book mark your website and keep checking for new information about
once a week. I opted in for your Feed too.
Ⴝimply wish to say youｒ article is as amazing. The
clarity in your post is just cool and i can assume you are an expert on this subject.
Welll with ʏour pertmission allow me to grab your feed
tto keep updated with forthcomіng post. Thankѕ a million and
plеase keep up the enjoyable work.
It’s not my first time to pay a quick visit this site, i am visiting this site dailly
and get good information from here daily.
Hi I am so happy I found your web site, I really found you by error, while
I was researching on Aol for something else, Anyways I am here now and would just like to say
thanks a lot for a fantastic post and a all round entertaining blog (I also love the theme/design), I don’t have time to browse it all at the
minute but I have book-marked it and also added your RSS feeds,
so when I have time I will be back to read a lot more, Please do keep up the awesome b.
I every time emailed this web site post page to all my contacts,
because if like to read it after that my contacts
will too.
Hello everybody, here every person is sharing such experience, therefore it’s good to
read this weblog, and I used to visit this webpage daily.
We are a group of volunteers and starting a new scheme in our community.
Your website provided us with valuable information to work on. You have done a formidable job and our
whole community will be grateful to you.
Does your site have a contact page? I’m having a tough time locating it but, I’d like
to shoot you an e-mail. I’ve got some creative ideas for your blog you
might be interested in hearing. Either way, great blog and I look forward to seeing it grow over time.
I was curious if you ever considered changing the page layout
of your blog? Its very well written; I love what youve got to
say. But maybe you could a little more in the way of content so people could connect with
it better. Youve got an awful lot of text for only
having one or 2 images. Maybe you could space it
out better?
Simply wish to say your article is as amazing. The clearness in your post is just spectacular and i can assume you are an expert on this
subject. Well with your permission let me to grab
your feed to keep up to date with forthcoming post. Thanks a
million and please continue the rewarding work.
Рабочее зеркало — это копия
полной версии, размещенная на резервном домене.
Awesome blog! Do you have any tips and hints for aspiring writers?
I’m hoping to start my own website soon but I’m a little
lost on everything. Would you suggest starting with a free platform like WordPress or go for a paid option? There are so
many choices out there that I’m totally confused ..
Any suggestions? Bless you!
Hi there, I enjoy reading through your article. I like to write a little comment to support you.
If you are going for most excellent contents like me, just pay a visit this web
page daily as it provides quality contents, thanks
Thanks for finally talking about > CBN Lists Conditions for Banks’
Offering of Currency Processing Services – Platform
Times < Loved it!
Hi, yes this piece of writing is actually pleasant and I have learned lot of things from it regarding
blogging. thanks.
I feel this is among the such a lot vital information for me.
And i am glad studying your article. But wanna commentary on some normal things, The web site taste is
ideal, the articles is truly nice : D. Good task, cheers
Peculiar article, just what I was looking for.
Remarkable! Its truly remarkable article, I have got
much clear idea regarding from this post.
Appreciating the dedication you put into your blog
and detailed information you offer. It’s awesome to come across a blog every once in a while that isn’t the same out of date rehashed material.
Excellent read! I’ve bookmarked your site and I’m including your RSS feeds to my Google account.
If you would like to grow your familiarity only
keep visiting this web site and be updated with the hottest information posted here.
Somebody necessarily assist to make severely articles I’d state.
That is the first time I frequented your web page and up to
now? I surprised with the analysis you made to make this particular put up incredible.
Wonderful job!
Howdy! I’m at work surfing around your blog from my new apple iphone!
Just wanted to say I love reading through your blog and look forward to all your posts!
Keep up the fantastic work!
Generally I do not learn article on blogs, however I would like to say
that this write-up very pressured me to check out and do
it! Your writing style has been amazed me. Thanks, very nice article.
Hi, just wanted to say, I loved this article. It was practical.
Keep on posting!
Hi there are using WordPress for your blog platform? I’m new to the blog world but I’m trying to get started and create my own. Do you require any coding expertise to make your own blog?
Any help would be greatly appreciated!
Because the admin of this site is working, no doubt very shortly
it will be renowned, due to its quality contents.
Very nice article, exactly what I was looking for.
Thank you, I have recently been searching for information about this topic for ages and yours is the best I have found out so far.
However, what in regards to the conclusion? Are you certain about the
supply?
It is perfect time to make a few plans for the long run and it’s time to
be happy. I’ve read this submit and if I may just I desire to recommend you few attention-grabbing issues or tips.
Perhaps you can write next articles regarding this article.
I desire to learn even more issues about it!
Having read this I believed it was extremely enlightening.
I appreciate you finding the time and effort to put this article together.
I once again find myself spending a significant amount of time both reading and commenting.
But so what, it was still worthwhile!
Very nice article, totally what I needed.
What’s up to every body, it’s my first go to see of this weblog; this web
site contains remarkable and genuinely fine stuff for visitors.
These are actually fantastic ideas in on the
topic of blogging. You have touched some nice points here.
Any way keep up wrinting.
I used to be able to find good information from your content.
Hello there! Would you mind if I share your blog with my zynga group?
There’s a lot of people that I think would really appreciate your content.
Please let me know. Thanks
Great web site you have here.. It’s difficult to find excellent writing like
yours these days. I honestly appreciate individuals like
you! Take care!!
Hello, Neat post. There is an issue with your website in internet explorer,
would check this? IE nonetheless is the marketplace chief and a huge component of other people will
leave out your wonderful writing because of this problem.
Unquestionably believe that which you said. Your favorite reason appeared to be on the net the easiest thing to be aware of.
I say to you, I definitely get irked while people think about worries that they plainly don’t know about.
You managed to hit the nail upon the top and defined out the whole thing
without having side-effects , people could take a signal.
Will probably be back to get more. Thanks
Oфициальный сайт Goldfishka популярен у российских игроков.
В правой части главной страницы каждый посетитель сможет увидеть
список игроков, которые выиграли крупные суммы.
It’s a shame you don’t have a donate button! I’d definitely
donate to this superb blog! I guess for now i’ll settle for bookmarking and adding your
RSS feed to my Google account. I look forward to
new updates and will share this website with my Facebook
group. Chat soon!
Fantastic site. Plenty of useful information here. I’m sending it to some pals
ans additionally sharing in delicious. And naturally, thank you in your sweat!
It is appropriate time to make a few plans for the
future and it’s time to be happy. I’ve learn this put up and if I could I
wish to suggest you few attention-grabbing issues or suggestions.
Perhaps you could write subsequent articles referring
to this article. I wish to read even more issues about it!
Good day very cool site!! Guy .. Beautiful .. Wonderful ..
I’ll bookmark your site and take the feeds also? I am happy to seek out numerous useful info here
within the submit, we want develop more techniques in this regard, thanks for sharing.
. . . . .
Wonderful article! This is the kind of info that should be shared across the internet.
Shame on Google for no longer positioning this post upper!
Come on over and talk over with my website . Thank you =)
Nice answer back in return of this matter with solid arguments
and telling all concerning that.
Heya i am for the primary time here. I came across this board and I to find It
really helpful & it helped me out much. I am
hoping to offer something again and help others like you helped
me.
This is a topic that’s close to my heart… Take care!
Exactly where are your contact details though?
I appreciate, cause I discovered just what I used to be looking for.
You have ended my 4 day lengthy hunt! God Bless you man. Have a nice day.
Bye
Hi there this is kinda of off topic but I was wondering if blogs use
WYSIWYG editors or if you have to manually code with HTML.
I’m starting a blog soon but have no coding experience so I wanted to
get advice from someone with experience. Any help would be
enormously appreciated!
Hi to every body, it’s my first pay a quick visit
of this web site; this webpage carries amazing and actually excellent stuff in favor of visitors.
Hey very cool site!! Guy .. Excellent .. Amazing
.. I’ll bookmark your blog and take the feeds additionally?
I am happy to search out numerous useful info here within the
publish, we’d like work out more techniques on this regard,
thanks for sharing. . . . . .
Hello, yup this paragraph is genuinely nice and I have learned
lot of things from it about blogging. thanks.
%%
my homepage – Get redirected Here
Write more, thats all I have to say. Literally, it seems as though
you relied on the video to make your point. You obviously know what
youre talking about, why waste your intelligence on just posting videos to your blog when you
could be giving us something informative to read?
Great article! We will be linking to this great content on our website.
Keep up the great writing.
It’s really very difficult in this busy life to listen news on TV,
therefore I simply use internet for that purpose, and obtain the latest news.
Great article! This is the type of info that are
meant to be shared across the internet. Shame on the search engines
for no longer positioning this put up upper!
Come on over and seek advice from my site .
Thank you =)
Hello, i believe that i saw you visited my blog thus i came to return the want?.I am trying to to find issues to enhance my web site!I suppose its ok to use some of your
ideas!!
We are a group of volunteers and starting a new scheme in our
community. Your site provided us with valuable information to
work on. You have done a formidable job and our entire community will be grateful to you.
This is the right blog for everyone who would like to understand this topic.
You realize so much its almost hard to argue with you (not that I personally would want to…HaHa).
You certainly put a brand new spin on a topic which
has been written about for decades. Great stuff,
just great!
whoah this weblog is fantastic i really like reading your articles.
Keep up the good work! You realize, a lot of persons are hunting round for
this info, you can help them greatly.
What’s up, this weekend is nice in favor of me, because this point in time i am reading this impressive educational piece of writing here at my home.
Hello there! Do you know if they make any plugins to protect against hackers?
I’m kinda paranoid about losing everything I’ve worked hard on.
Any recommendations?
Link exchange is nothing else except it is just placing
the other person’s webpage link on your page at appropriate place and other person will also do similar for you.
Marvelous, what a blog it is! This webpage presents helpful facts to us, keep it
up.
WOW just what I was looking for. Came here by searching for slot deposit qris
Nice blog right here! Also your website a lot
up very fast! What web host are you the usage of?
Can I get your affiliate link in your host? I want my web site loaded up as quickly as yours lol
I’m not that much of a internet reader to be honest but your sites really nice, keep it up!
I’ll go ahead and bookmark your website to come back later on. Cheers
Thanks for sharing your thoughts on Situs Taruhan Bola.
Regards
Great article, just what I was looking for.
Article writing is also a excitement, if you be acquainted with
afterward you can write otherwise it is complicated to write.
Thank you for any other fantastic post. The place else may just anyone get that type of info
in such an ideal way of writing? I have a presentation subsequent week, and I’m at the search for such info.
Hey very interesting blog!
Why viewers still use to read news papers when in this technological world all
is presented on web?
When I initially left a comment I seem to have clicked the
-Notify me when new comments are added- checkbox and from now on each time a comment is added I receive four emails with the exact same comment.
Perhaps there is a way you can remove me from that service?
Many thanks!
Hi! I just wanted to ask if you ever have any problems
with hackers? My last blog (wordpress) was hacked and I ended up losing many
months of hard work due to no data backup.
Do you have any solutions to prevent hackers?
Wow, superb weblog structure! How lengthy have you ever been blogging for?
you made running a blog glance easy. The total glance of your site is magnificent,
as smartly as the content material!
В верхней части главной страницы пользователь казино
увидит логотип клуба — подкову,
символизирующую удачу и везение.
Everything is very open with a really clear explanation of the issues.
It was definitely informative. Your site is useful. Many thanks for sharing!
obviously like your web site but you have to take a look
at the spelling on several of your posts. Many of them are rife with spelling problems and I in finding
it very bothersome to inform the reality nevertheless I’ll
certainly come again again.
Бонусы начисляются за каждую ставку игрока и за каждую ставку друзей игрока, которых он привел.
Hi, I do believe this is an excellent web site. I stumbledupon it 😉 I’m going to come back yet again since
I saved as a favorite it. Money and freedom is the greatest way to
change, may you be rich and continue to help other people.
Nice blog! Is your theme custom made or did you
download it from somewhere? A theme like yours with a few simple tweeks would really
make my blog shine. Please let me know where you got your theme.
Thanks a lot
It’s actually a nice and helpful piece of info.
I’m glad that you simply shared this useful info with us.
Please stay us informed like this. Thanks
for sharing.
If you wish for to improve your experience simply keep visiting
this web site and be updated with the newest news update posted here.
It’s in fact very difficult in this active life to listen news on TV,
so I just use internet for that purpose, and obtain the most up-to-date information.
Please let me know if you’re looking for a author for your
site. You have some really great posts and I believe I would be a good asset.
If you ever want to take some of the load
off, I’d really like to write some articles for your blog in exchange for
a link back to mine. Please send me an email if interested.
Many thanks!
Hi there mates, how is everything, and what you desire to say concerning this piece of
writing, in my view its genuinely remarkable for me.
This is my first time pay a quick visit at here and i am actually
happy to read everthing at alone place.
This site definitely has all the info I wanted about this subject and didn’t know who to ask.
Hi everybody, here every person is sharing these know-how, thus it’s fastidious to read
this weblog, and I used to pay a quick visit this weblog every day.
I do believe all of the concepts you have offered to your post.
They are very convincing and can definitely work.
Nonetheless, the posts are very quick for newbies.
May just you please lengthen them a bit from
subsequent time? Thanks for the post.
Superb blog you have here but I was wondering if you knew of any
user discussion forums that cover the same topics discussed here?
I’d really like to be a part of group where I can get suggestions from other experienced people
that share the same interest. If you have any recommendations, please let me know.
Many thanks!
When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time
a comment is added I get three emails with the
same comment. Is there any way you can remove people from that service?
Bless you!
Genuinely when someone doesn’t know then its up to other viewers that
they will help, so here it happens.
Great post. I’m going through a few of these issues as well..
Hello friends, its impressive article regarding cultureand fully explained, keep it up
all the time.
Nice replies in return of this issue with genuine arguments and telling the whole thing concerning that.
Hi there, this weekend is good designed for me, for the reason that this point in time
i am reading this impressive informative post here at my house.
Link exchange is nothing else except it is just
placing the other person’s blog link on your page at appropriate place and
other person will also do same in support of you.
Your way of telling all in this post is genuinely good, all be able to without difficulty know it, Thanks a lot.
Thank you for the auspicious writeup. It in truth was once a enjoyment
account it. Glance complicated to more introduced agreeable from you!
However, how could we communicate?
I really like your blog.. very nice colors & theme.
Did you create this website yourself or did you hire someone to do it for you?
Plz reply as I’m looking to create my own blog and would like to
find out where u got this from. kudos
Link exchange is nothing else but it is only placing the other person’s web site link on your page
at appropriate place and other person will also do similar in favor of you.
I read this article fully on the topic of the difference of hottest and preceding technologies, it’s remarkable article.
It’s the best time to make some plans for the future and it’s time to
be happy. I have read this post and if I could I desire to suggest you few interesting things or suggestions.
Perhaps you can write next articles referring to this article.
I desire to read more things about it!
OMG! This is amazing. Ireally appreciate it~ May I shout out
on a secret only I KNOW and if you want to seriously get to hear You really have to believe mme and have faith and I
will show how to find hot girls for free Once again I
want to show my appreciation and may all the blessing goes to you now!.