Tinubu : Why will a Bullion Van go to someone’s House ? – By Lekan Oladele

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I love to have people informed especially when I see sentiments overriding knowledge. It is a personal preference to like, dislike or even hate Bola Tinubu, it is the prerogative of the holder of such emotions, but it is favour to self to gain knowledge at every opportunity.

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Most times, gaining knowledge helps me to manage my emotions appropriately e.g why should I cry over a failed Bank transaction when I am knowledgable enough to know that failed transactions will be reversed ?

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Bullion Vans are used to transport Cash at the instance of the Owner, whether a Corporate or an Individual. If you want a Bank to bring cash to your House/Office or you want the Bank to come and pick cCsh from your House/Office, it MUST be carried with a Bullion Van and this is a Central Bank of Nigeria (CBN) mandated procedure. It is called Cash in Transit (CIT) operations.

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Every Bank Customer has a right to be provided CIT services, but it is a paid service. The knowledge I wish to share;A Bank is not permitted by regulations to move Cash except through CIT Service Providers who are licensed by CBN. This applies whether they are moving Cash for Customers or moving amongst their own Branches. When a Bank moves Cash without using CIT service, it is an infraction against regulations.

The distance of movement does not matter as long as Cash is being moved out of a Branch Premises to another Location, it must be moved via CIT.

Just like the distance, the amount also does not matter, if you move N50,000.00 without CIT service and you get robbed, you better not report it because it will be treated as a violation and you will be punished in addition to paying the Customer’s money. You might even be convicted and jailed. Therefore whether the Customer wants you to move N100bn, N100m or N100,000.00, what the regulation says is that you must move it via CIT. In fact if a Bank Branch is moving money from Branch to an Automated Teller Machine (ATM) Location that is not within the Branch, even if it is just across the Road, the rule is to move it via CIT.

An ATM with only N1,000.00 Notes can take only about N8 Million. Everytime you see a Cash movement Truck, it does not always translate to VERY large volume of money, it is simply following regulation. The regulation covers such things as how many Armed Security Men must accompany the Truck .

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