CBN registers 2 private currency processing firms, 8 CITs

Governor Godwin Emefiele of the Central Bank of Nigeria (CBN), has disclosed that the apex bank has registered eight companies, shouldered with the responsibility of carrying out Cash-In-Transit (CIT) activities.

Emefiele, who was represented by the Deputy Governor, Operations, Adebisi Shonubi, made the disclosure during the unveiling of the Clean Notes Policy and Banknotes Fitness Guidelines, that two Cash Processing Companies (CPC) have also been registered to operate in Nigeria.

“I wish to use this opportunity to inform the industry that the Central Bank of Nigeria, as part of its effort towards devolving the retail cash management to the private sector, has approved the revised guidelines for registration of CIT/CPCs.

“These guidelines provide for the operation of CITs and CPCs at both National and Regional levels.

“It is hoped that this would encourage unregistered companies to come under the regulatory purview of the central bank and ensure a nationwide coverage of these services.”

Recall that the CBN had recently approved the revised guidelines for private sector participation as CIT firm or as Cash Processing firm.

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Why CBN made the move for CIT privatisation: The development by the CBN is in line of key policy measures, towards promoting effective and efficient currency management in the country.

Going forward: Deposit Money Banks (DMBs), otherwise known as commercial banks, are expected to patronise only the registered companies for CIT and sorting services.

Mr Emefiele said it was expected that more private sector participation would be involved in the currency management value chain. This, he said, would further strengthen the efforts toward ensuring the availability of clean banknotes.

Understanding the CIT industry activities: Inside the CIT industry, companies are specialised in the transportation and processing of cash and valuables. They transport banknotes, coins, bulk cash, diamonds, non-personalised smart cards, non-personalised passports, and other valuables.