CBN Update: Currency processing firms must have N3bn capital to get national licence
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
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.”
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