Redesigning Currency Unnecessary – Kate Henshaw

Ace Nigerian actress, Kate Henshaw has reacted to the Central Bank of Nigeria, CBN’s sudden development to redesign some naira notes.

CBN Governor, Godwin Emefiele earlier in the week revealed that President Muhammadu Buhari has authorised the redesigning, production, and circulation of new N200, N500, and N1,000 notes.

However, mixed reactions have since trailed the development, including Henshaw, who noted that there were pending issues the country needs to tackle.

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She said:

“Nigeria to redesign in the midst of all that is going on, in the thick of elections, floods, insecurity etc. It is redesigning of the Naira and giving up just weeks for this to happen!! The Nigeria I know, some traders will soon stop receiving the current currency.”

Kate also lamented the urgency from authorities, stressing the time frame given was as not enough for residents in rural communities.

“The queues will be a nightmare!! Quote me…What of those in the rural areas who handle mostly cash & have to travel miles to the nearest bank?
Why not phase it out gradually? I don’t get it!!”

However, CBN has asked the Deposit Money Banks (DMB) holding the existing denominations of the currency to “begin returning these notes back to the CBN effective immediately.”