The Central Bank of Nigeria (CBN) has introduced the clean note policy to put an end to the circulation of mutilated, defaced, and unfit naira notes. This information is contained in the Clean Note Policy Document which was released by the apex bank, detailing several sanctions to be meted to defaulting banks and the general public.
Note that the Nigerian Currency Structure comprises of eight banknotes and three coin
denominations in circulation which are: the N1000, N500, N200, N100, N50, N20,
N10, and N5 banknotes, as well as N2, N1, and 50k coins.
According to the CBN, the Clean Note Policy aims at ensuring that the banknotes in circulation are of high quality, in order to guarantee public confidence in the naira.
Earlier Developments: A large proportion of the notes in circulation in Nigeria are dirty, mutilated, and unfit for ATMs and over-the-counter payments. Over the years, there have been increasing numbers of dirty and unfit currencies in circulation, a situation that has become a source of concern to Nigerians.
The recurring decimal of an increasing amount of dirty and mutilated currencies has also elicited widespread criticism of both commercial banks and the Central Bank of Nigeria. On several occasions, there have been reported cases of dirty and unfit currencies being issued by Deposits Money Banks (DMBs).
A bank customer and lawyer reportedly described the alarming rate of dirty notes in circulation as embarrassing. According to the customer:
“I observe that in spite of arrest and subsequent prosecution of the culprits, there is still a cartel in CBN and commercial banks, which make brisk business recycling old naira notes meant for destruction”
CBN and banks blame each other: Meanwhile, both the CBN and deposit money banks (DMBs) have disappointingly traded blames over who is responsible for mutilated currencies in circulation. The CBN has blamed DMBs for deliberately mixing unfit and new notes available in circulation, and re-circulating dirty/unfit currencies instead of sorting out the bad ones and returning them to CBN.
However, the DMBs have also that the claimed that CBN’s delay to credits their accounts with cash deposited by them, couple with huge cash handling/sorting costs by the apex, are some of the major contributory factors to the problem.
A look at CBN’s statutory obligations on clean notes: Among other statutory obligations of the CBN is to ensure an adequate supply of clean banknotes to facilitate seamless payment and settlement of transactions by the public, Government, and banks.
“Section 2 of the CBN Act, 2007 vests the issuance of legal tender currency on the Central Bank of Nigeria (CBN). The task entails design (including security features), production, and distribution of newly printed notes and fit notes as well as replacement of unfit banknotes which are destroyed or older series withdrawn from circulation.”
The CBN stated that despite the prevalence of electronic forms of transactions,
cash remains “king” for day to day economic transactions. This is because Nigerians still prefer to use cash to payments, especially where there are no digital payment platforms.
About the CBN’s Clean Note Policy: According to the CBN, the Clean Note Policy is aimed at ensuring that the banknotes in circulation are clean and of high quality.
It entails a spectrum of diverse currency management activities geared towards the efficient circulation of premium quality banknotes and withdrawal of unfit/soiled banknotes, to guarantee public confidence and usage of the naira banknotes as a medium of exchange.
“This policy is intended to be used by the public and major cash handlers such as DMBs, Micro Finance Banks, third party service providers, etc.”
Note that the policy will remain open for future amendments in tandem with emerging currency management issues.
CBN takes the center stage: The apex bank stated in its clean note policy document that in order to enhance the availability of clean notes and effect expeditious withdrawal of dirty notes from circulation, DMBs and CPCs shall now classify their deposits into fit and unfit notes. According to the CBN:
“An unfit banknote refers to a genuine banknote that is no longer fit for circulation in accordance with the quality standard set by the Central Bank of Nigeria.”
Re-Circulation of Banknotes and Penalty to defaulter: CBN stated that to ensure that the banknotes in circulation are clean and of good quality, DMBs shall ensure that they process their banknotes using registered processing companies and classify them into fit and unfit.
“a penal charge of N12,000 per box, or any amount determined by the Management of the Bank, shall apply for the deposit of unsorted banknotes. In addition, penalties as may be determined by the Bank, shall apply for the recirculation of unfit banknotes.”
Abuse of naira notes and penalty to offenders: According to the CBN, the DMBs, other financial institutions, and the general public must, henceforth, desist from acts that are injurious to the naira. Otherwise, they will be penalised.
“Offenders shall be liable to a fine of fifty thousand Naira or six months imprisonment or both under the provision of Section 21 of the CBN Act, 2007.”
COVID-19 Update in Nigeria
On the 7th of July 2020, 503 new confirmed cases and 15 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 29,789.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continue to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 29,789 confirmed cases.
On the 7th of July 2020, 503 new confirmed cases and 15 deaths were recorded in Nigeria, having carried out a total daily test of 1,831 samples across the country.
To date, 29,879 cases have been confirmed, 12,108 cases have been discharged and 669 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 152,952 tests have been carried out as of July 6th, 2020 compared to 151,121 tests a day earlier.
COVID-19 Case Updates- 7th July 2020
- Total Number of Cases – 29,789
- Total Number Discharged – 12,108
- Total Deaths – 669
- Total Tests Carried out – 152,952
According to the NCDC, the 503 new cases were reported from 20 states- Lagos (153), Ondo (76) Edo (54), FCT (41), Enugu (37), Rivers (30), Benue (24), Osun (20), Kaduna (15), Kwara (13), Abia (9), Borno (8), Plateau (6),Taraba (5), Ogun (3), Kano (3), Kebbi (2), Nasarawa (2), Bayelsa (1), Gombe (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 11,520, followed by Abuja (2,322), Oyo (1,530), Edo (1,489), Delta (1,285), Kano (1,271), Rivers (1,235), Ogun (1,050), Kaduna (883), Katsina (628), Borno (555), Ondo (550), Gombe (521), Bauchi (516), Ebonyi (503), Plateau (460), Enugu (418), Abia (400), Imo (352), Jigawa (318).
Kwara state has recorded 297 cases, Bayelsa (269), Nasarawa (234), Osun (198), Sokoto (153), Niger (122), Benue (121), Akwa Ibom (112), Adamawa (99), Kebbi (86), Zamfara (76), Anambra (73), Yobe (61), Ekiti (45), Taraba (27), while Kogi state has recorded 5 cases.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|July 7, 2020||29789||503||669||15||12108||17012||7|
|July 6, 2020||29286||575||654||9||11828||16804||7|
|July 5, 2020||28711||544||645||11||11665||16401||7|
|July 4, 2020||28167||603||634||6||11462||16071||7|
|July 3, 2020||27564||454||628||12||11069||15867||7|
|July 2, 2020||27110||626||616||13||10801||15693||7|
|July 1, 2020||26484||790||603||13||10152||15729||7|
|June 30, 2020||25694||561||590||17||9746||15358||7|
|June 29, 2020||25133||566||573||8||9402||15158||7|
|June 28, 2020||24867||490||565||7||9007||14995||7|
|June 27, 2020||24077||779||558||4||8625||14894||7|
|June 26, 2020||23298||684||554||5||8253||14491||7|
|June 25, 2020||22614||594||549||7||7822||14243||7|
|June 24, 2020||22020||649||542||9||7613||13865||7|
|June 23, 2020||21371||452||533||8||7338||13500||7|
|June 22, 2020||20919||675||525||7||7109||13285||7|
|June 21, 2020||20242||436||518||12||6879||12847||7|
|June 20, 2020||19808||661||506||19||6718||12584||7|
|June 19, 2020||19147||667||487||12||6581||12079||7|
|June 18, 2020||18480||745||475||6||6307||11698||7|
|June 17, 2020||17735||587||469||14||5967||11299||7|
|June 16, 2020||17148||490||455||31||5623||11070||7|
|June 15, 2020||16658||573||424||4||5349||10885||7|
|June 14, 2020||16085||403||420||13||5220||10445||7|
|June 13, 2020||15682||501||407||8||5101||10174||7|
|June 12, 2020||15181||627||399||12||4891||9891||7|
|June 11, 2020||14554||681||387||5||4494||9673||7|
|June 10, 2020||13873||409||382||17||4351||9140||7|
|June 9, 2020||13464||663||365||4||4206||8893||7|
|June 8, 2020||12801||315||361||7||4040||8400||7|
|June 7, 2020||12486||260||354||12||3959||8173||7|
|June 6, 2020||12233||389||342||9||3826||8065||7|
|June 5, 2020||11844||328||333||10||3696||7815||7|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|
From real estate to lifestyle: Purple extends brand to more sectors
Maryland Mall in Lagos will now be known as Purple Maryland.
In line with strategic repositioning of the company, the management of Purple Group has announced the rebranding of Purple Capital Partners Limited and change of name to Purple.
With this change, its flagship multi-use centre, Maryland Mall in Lagos will now be known as Purple Maryland while the ongoing development in Lekki will be known as Purple Lekki.
Announcing the changes in Lagos, the Chief Executive Officer, Mr. Olayide Agboola, noted the rebranding and repositioning takes effect from July 1, and would be implemented across all the company’s physical and digital touchpoints.
The decision, he said, was in line with the group’s core belief in continuous innovation and customer satisfaction.
‘’We are refocusing our brand, and extending our reach beyond just real estate development. We see the need to curate affordable lifestyle experiences by leveraging our expertise in real estate development.
“With MarylandMall, now Purple Maryland and our ongoing development with PurpleLekki, we are integrating retail, arts, entertainment, media and advertisement, family fun, food and drinks, e-commerce and financial services all in one through superior mixed-use centres and services. Our new focus is clear; working with our range and network of partners, we are creating affordable lifestyle experiences for our consumers across all income levels,” the CEO explained.
Agboola further pointed out that all the group’s facilities and ongoing development were also rebranded and would be addressed with the Purple prefix (PurpleMaryland, PurpleLekki) while its new services would also bear a touch of the Purple Identity as well. He however added that to keep in touch with the group’s brand heritage; they had kept the same colors and logo symbol.
Speaking on what the new identity connotes, Agboola stated that the new Purple identity signified growing strength, resilience and elegance, which he noted accurately represents the significant growth and successes it has recorded over the past few years.
He said: “Ours is a story of sheer resilience, best practices and excellent service delivery to our partners and clients across the group. With this brand repositioning, we are re-committing to our core beliefs and ensuring unwavering commitment to our values, to our investors and to our esteemed partners. Our refreshed brand clearly communicates these values. We are also excited to unveil the brand identities for our new services and ongoing development projects”.
According to him, with the new development, PurpleLekki, PurpleNano, Purple.shop and PurplePlay, have all been designed to give customers more value for money. For instance, he explained that PurpleLekki; the all-new lifestyle centre in Lekki, Lagos, currently under development, will occupy a land size of about 10,000 sqm and a few floors which will be mixed use – retail, entertainment, serviced accommodation, and private offices.
For PurpleNano, Agboola stated that the premium and standard studio apartments was conceived with the modern professional in mind and available in 2 bedrooms, 3 bedrooms and 1 bedroom variants. “These ‘nanos’ are furnished to fit the peculiarities and taste of the Lekki Market and provide a peaceful, cozy space for occupants and visitors,” he stated.
Speaking of the future, the company also has plans to venture into the e-commerce space with brand ‘purple.shop’. Purlple.shop will work with the base of retail, fashion, food and entertainment partners and service providers in Purple centres. With this, they can reach even more customers through online channels. The e-commerce platform will also provide marketing tools and real-time analytics to optimize growth.
While pointing out that the group’s identity may have been refreshed, he was quick to add that the company’s focus remained unwavered. “We are creating affordable lifestyle experiences for our consumers through our principal investments in these superior mixed-use centres and services. We also remain thankful and committed to our partners and we will continue to utilize our expertise and experience to deliver alpha returns and provide best service to our customers across the group,” he concluded.
Formerly known as Purple Capital Partners, Purple Group is an ecosystem of companies focused on creating best-in-class lifestyle experiences for our consumers through our principal investments in superior mixed-use facilities and services.
Our lifestyle services spans through real estate, retail, e-commerce, media and advertising, entertainment and family fun, financial services amongst others; all focused on driving our mission to create lifestyle experiences for our consumers with convenience, affordability and finesse. Our lifestyle portfolio of developments include purplemaryland, purplelekki, purplenano.
Lafarge Africa Plc. announces its board meeting and closed period for Q2 2020
The notification which was duly signed by General Counsel & Company Secretary.
Lafarge Africa Plc. notified the Nigerian Stock Exchange and the investing public that he closed period will commence on Wednesday, 8th July 2020 until the unaudited financial statement for the second quarter ended 30th June 2020, is released to the Nigerian Stock Exchange.
In a disclosure on the Nigerian Stock Exchange, it wrote: “We hereby notify the Nigerian Stock Exchange and the investing public that a meeting of the Board of Directors of Lafarge Africa Plc has been scheduled to hold on Thursday, 23rd July 2020 to consider the second quarter financial results of the Company for the quarter ended 30th June 2020.”
The notification which was duly signed by General Counsel & Company Secretary, Mrs. Adewunmi Alode explained further stating that “Accordingly, no Director, employee, persons discharging managerial responsibility and Advisers of the Company and their connected persons may directly or indirectly deal in the shares of the Company in any manner during the closed period.”
Over the past few months, it made a few board changes with the retirement of two of its Non-Executive Directors, as well as the appointment of three new Directors. It had also spun off its South African subsidiary, Lafarge South Africa Holdings (LSAH), last year.
Lafarge Africa’s Q1 2020 revenue was up 9.8% year-on-year to N63.7 billion, driven by higher Cement Sales (a figure up 11% year-on-year to N62.3 billion) which offset the weakness in Aggregate and Concrete (down 21% y/y to N1.4bn). Its EBITDA grew by 2.4% year-on-year to N19.3 billion as well. As at Tuesday the 7th of July, the share price of the company was N10.00.