By Babajide Komolafe

The Central Bank of Nigeria (CBN) has said that Currency Processing Companies (CPCs) must have a minimum capital of N3 billion to obtain a licence to operate nationwide.

The apex bank added that CPCs with a national licence will be designated National CPC and thus registered to operate in all states of the federation

Also read: N200m capital base excessive for rural MfBs — Ilutitun-Osoro MfB

The apex bank disclosed this in its revised guidelines for the registration of Cash-In-Transit and Currency Processing companies in Nigeria.

The guidelines stated: “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; 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”.

The CBN also stipulated minimum capital base of N2 billion for Regional CPC, wit license to operate within the states of one geo-political zone.

The guidelines stated: “A company registered to operate as a Regional CPC shall: Have a minimum capital of N2 billion or such other amount as may

be prescribed by the CBN from time to time; Be entitled to establish offices in states within one (1) geopolitical zone subject to approval by the CBN, for the purpose of carrying out its operations;  Be authorized to process cash in naira and foreign currencies within one (1) geo-political zone.”