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CBN registers 2 private currency processing firms, 8 CITs

Damilare Famuyiwa by Damilare Famuyiwa
May 1, 2019
in Business News, Company News
CBN commences Forex ban on food importation, CBN’s Emefiele congratulates Dr Kingsley Obiora as he assumes office, indigenous oil firms

CBN Governor, Godwin Emefiele

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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.


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Tags: Cash-In-TransitCBNCITCPCGodwin Emefiele
Damilare Famuyiwa

Damilare Famuyiwa

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Comments 1

  1. Sola Ayoade says:
    March 25, 2021 at 9:26 am

    Hi Journalist, You did not mention the names of the Approved Companies, Dont you think its important to mention them.

    Reply

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