Home Business CBN will license more firms for currency processing, cash-in-transit operations
CBN will license more firms for currency processing, cash-in-transit operations

CBN will license more firms for currency processing, cash-in-transit operations

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The Central Bank of Nigeria (CBN) has said that it is ready to license more firms to operate Cash-In-Transit and Currency Processing (CP) operations across the country. Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor disclosed this to Vanguard today while speaking on the revised guidelines for the registration of Cash-In-Transit and Currency Processing companies in Nigeria released by the apex bank yesterday.

Among other things, the guidelines mandate all companies, including deposit money banks, who are desirous of providing currency distribution and/or currency processing services in Nigeria, either for themselves or for other deposit money bank(s) to register with the CBN. Recall that the apex bank in May licensed eight companies as CIT firms and two companies for currency processing. Okoroafor, however, told Vanguard the wants to license more firms for these services adding that one of the purposes of the guidelines. He further explained that the guidelines is also to let any company interested in rendering such services that no company is allowed to do that business without the license of the CBN.

 

 

VANGUARD

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