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Central Bank Of Nigeria Enlists Eight Cash In Transit Firms To Promote Effective Currency Management

Cash In Transit

The Central Bank Governor, Godwin Emefiele, revealed that the bankers’ bank has registered eight (8) new companies, borne with the responsibility of carrying out Cash In Transit (CIT) activities.

The CBN Governor, who was represented by the Deputy Governor, Operations, Folashodun Shonubi, during the unveiling of the Clean Notes Policy and Banknotes Fitness Guidelines, in Lagos, said that two Cash Processing Companies (CPCs) have also been registered to operate in Nigeria.

In her statement at the event, she said “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 Cash Processing Companies (CPCs) and Cash In Transit (CIT) firms. These guidelines provide for the operation of CITs and CPCs at both national and regional levels.

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Shonubi further stated that “it is hoped that this move by the bank would encourage unregistered companies to come under the regulatory purview of the Central Bank and ensure a nationwide coverage of these services.”

CBN’s Effort To Strengthen The Currency Management Value Chain.

Mr Emefiele said it was expected that there is more involvement of private sector participation in the currency management value chain. This, he said in optimism, would further strengthen the efforts toward ensuring the availability and recirculation of clean banknotes in the economy.

The development by the apex bank is in line with its key policy actions, towards fostering effective and efficient currency management in the country.

The CBN Governor, however, said the bank would keep an eye on and sanction any commercial bank or financial institution that violates the provisions of the two policy documents.

Understanding the Cash In Transit (CIT) Industry.

Companies within the CIT industry are specialised in the transportation of banknotes, coins, bulk cash, diamonds, non-personalised smart cards, non-personalised passports, and processing of cash and other valuables.

Many cash in transit companies are private security companies that offer cash handling and processing as part of their services.

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