Connect with us
nairametrics

Business News

CBN to commence recycling of mutilated naira notes 

The CBN has disclosed plans to commence recycling of mutilated naira notes by partnering with private firms for the purpose.

Published

on

CBN Vs NESG: Waving the white flag for the benefit of Nigerians, Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited

The Central Bank of Nigeria (CBN) has disclosed plans to commence recycling of mutilated naira notes by partnering with private firms in the country.

The apex bank disclosed that although it destroys about 100 tonnes of bad naira notes weekly through open-air burning at the 12 disposal centres stationed across the country.

CBN to commence recycling of mutilated naira notes 

The regulator attributed the initiative to the negative effects of open-air burning in the environment as it can be detrimental to health. It is also against the industry’s Sustainable Banking Principles.

The CBN made this announcement in a notice titled, ‘Request for Proposal for the Recycling of Paper Banknote Wastes.’

GTBank 728 x 90

The notice read in part: “The destruction of unfit banknotes in Nigeria is carried out by the Central Bank of Nigeria (CBN) under strict security and environmentally sustainable manner. Section 18(d) of the CBN Act 2007 authorised The bank to arrange for the destruction of currency notes and coins withdrawn from circulation under the provision of section 20(3) of the said Act or otherwise found by the Bank to be unfit for use.

“The banknotes disposal operation is presently carried out in 12 disposal centres across the country weekly where about 100 tonnes of paper banknote wastes are generated. These wastes are destroyed through open-air burning in sites owned by the bank or rented, usually from the respective State Governments.

“Paper banknote wastes disposal by open-air burning impacts negatively on the environment thereby causing pollution and health hazards. The Central Bank of Nigeria in pursuance of its sustainability initiatives has reviewed the current method of banknote wastes disposal through open-air burning with the aim of adopting a more environmentally sustainable method thereby reducing its carbon footprint.”

GTBank 728 x 90

[READ MORE: CBN lists major constraints affecting businesses, as borrowing rates projected to rise)

Why this matters: If this option is explored by the CBN, it would help in converting banknotes waste into useful products. This would lead to environmental sustainability and in turn enhance the nation’s economic activities.

What you should know: The apex bank said it was seeking proposals from accredited recycling companies interested in utilizing paper banknote wastes in its recycling process.

“The purpose of this Request for Proposal (RFP) is to solicit competitive proposals from reputable companies that can recycle CBN paper banknote wastes into useable products that can be beneficial to the nation while adhering to Health Safety and Environment (HSE) standards.” 

Jaiz bank ads

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

2 Comments

2 Comments

  1. Henry Udeze

    February 12, 2020 at 10:42 am

    Na now Day Break 4Una…😠

  2. You don't

    February 12, 2020 at 10:03 pm

    You say

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Tech News

Google launches Chromecast with Google TV

Google unveils the Chromecast device to stream contents from Walt Disney Co’s Disney+ and Netflix.

Published

on

Google set to extend footprints with acquisition of smartwatch company, Fitbit  , Google wants to start banking with you ,Google partners Flutterwave to train 5,000 merchants, Google to pay Online publishers for high quality contents

Alphabet Inc’s Google, some hours ago, launched Chromecast with Google TV, a hardware platform designed to show contents from leading streaming services like Walt Disney Co’s Disney+ and the most popular streaming service company, Netflix.

The tech juggernaut unveiled the Chromecast streaming device that now comes with a remote control. It will cost $49.99 in the U.S, and will be available in other countries by the end of 2020.

The real advantage this device holds looks to be the underlying search smarts that serve as the foundation for so much of what Google does. Here’s the company discussing the new feature in a blog post:

“Google TV’s For You tab gives you personalized watch suggestions from across your subscriptions organized based on what you like to watch—even your guilty pleasure reality dramas. Google TV’s Watchlist lets you bookmark movies and shows you want to save for later.

You can add to your Watchlist from your phone or laptop, and it will be waiting on your TV when you get home. 

GTBank 728 x 90
Best of all, you’ll also have access to thousands of apps and the ability to browse 400,000+ movies and TV shows sorted and optimized for what you like—ask Google Assistant to see results from across your favorite apps, like YouTube, Netflix, Disney+, Stan, 9Now and ABC view, among others.”

The new Chromecast with Google TV comes in a compact and thin design and is packed with the latest technology to give you the best viewing experience. It neatly plugs into your TV’s HDMI port and tucks behind your screen.

Hardware composition:

  • Switching it on, the new Google Tv comes with a crystal clear video in up to 4K HDR at up to 60 frames per second in no time. With Dolby Vision, you’ll get extraordinary color, contrast, and brightness on your TV.
  • The Hardware also supports HDMI pass coupled with Dolby audio content.

GTBank 728 x 90
Continue Reading

Coronavirus

COVID-19 Update in Nigeria

On the 30th of September 2020, 201 new confirmed cases and 1 death was recorded in Nigeria

Published

on

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 58,848 confirmed cases.

On the 30th of September 2020, 201 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 2,549 samples across the country.

To date, 58,848 cases have been confirmed, 50,358 cases have been discharged and 1,112 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 509,555  tests have been carried out as of September 30th, 2020 compared to 507,006 tests a day earlier.

COVID-19 Case Updates- 30th September 2020,

  • Total Number of Cases – 58,848
  • Total Number Discharged – 50,358
  • Total Deaths – 1,112
  • Total Tests Carried out – 509,555

According to the NCDC, the 201 new cases were reported from 13 states- Lagos (77), Rivers (37), Plateau (25), FCT (13), Kaduna (12), Ogun (12), Adamawa (8), Taraba (7), Imo (4), Kwara (2), Osun (2), Abia (1), Oyo (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,461, followed by Abuja (5,709), Plateau (3,450), Oyo (3,261), Edo (2,626), Rivers (2,432), Kaduna (2,419), Ogun (1,850), Delta (1,802), Kano (1,737), Ondo (1,631), Enugu (1,289), Ebonyi (1,040), Kwara (1,036), Abia (895), Gombe (883). Katsina (861), Osun (839),  Borno (745), and Bauchi (699).

GTBank 728 x 90

Imo State has recorded 572 cases, Benue (481), Nasarawa (450), Bayelsa (399),  Jigawa (325), Ekiti (321), Akwa Ibom (288), Niger (259), Adamawa (248), Anambra (237), Sokoto (162), Taraba (102), Kebbi (93), Cross River (87), Zamfara (78), Yobe (76), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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.

GTBank 728 x 90

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. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

Jaiz bank ads

Fidelity ads

 

 

Continue Reading

Business

Lagos cancels parade, opts for a low-key celebration of Independence Day

Due to the threat of the novel coronavirus, the Lagos state government has said it would observe a low-key celebration.

Published

on

Lagos dismisses levy on audio and visual contents, suspends LSFVCB boss, Lagos SEC meeting goes virtual as full lockdown commences, Partial lockdown guidelines for businesses from May 4, Nigeria @ 60: Lagos State Government opts for a low-key celebration of the Independence Day

Lagos State government has opted for a low-key celebration of the 60th independence anniversary of the nation. This decision is due to the ravaging effects of the COVID-19 pandemic, which is still with us.

This statement was made by the Government of Lagos State today, via its official Twitter account.

Governor Babajide Sanwo-Olu has directed that the planned Independence Day Parade at the Agege Stadium by 9 a.m and other activities that involve the gathering of more than 50 people should be canceled.

He congratulates Lagosians on this auspicious occasion and strongly advises that they should celebrate quietly at home and pray for the country. He asked that they should also observe the COVID-19 protocols, including wearing of face masks to protect themselves and their loved ones.

GTBank 728 x 90

(READ MORE:Lagos approves resumption of full services for churches, mosques)

The Governor urges Lagosians not to let down their guards on COVID-19 so as not to reverse the gains that the state has made in fighting the disease.

The governor congratulates Lagosians on the auspicious occasion and strongly advises that they should celebrate quietly at home and pray for the country. They should also observe the COVID-19 protocols, including wearing of face masks to protect themselves and their loved ones.

GTBank 728 x 90

Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
deals book
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement