NEWSLETTER ON THE DRAFT GUIDELINES FOR THE REGISTRATION AND OPERATION OF BANK NEUTRAL CASH HUBS IN NIGERIA

In a bid to reduce cost and improve operational efficiency in the country’s cash management value chain and to promote a sound financial system in Nigeria, the Central Bank of Nigeria (CBN) in collaboration with the Banker’s Committee had previously initiated the Nigerian Cash Management System (NCMS). As a further step to achieving its aims, in March 2022 the CBN published the Draft Guidelines for the Registration and Operation of Bank Neutral Cash Hubs (the Draft Guidelines), thereby introducing Bank Neutral Cash Hubs (BNCHs) in Nigeria..

We consider in this newsletter, the key highlights of the Draft Guidelines including the objectives of the BNCH regime, the eligibility and registration requirements, and permissible and non-permissible activities of BNCHs.

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