This Isn’t The Time To Redesign Currency – Kate Henshaw

Famous Nollywood star Kate Henshaw has expressed concern over the sudden development from the Central Bank of Nigeria (CBN) to redesign some naira notes.

Godwin Emefiele, CBN Governor, on Wednesday had disclosed that President Muhammadu Buhari had authorised the redesigning, production, and circulation of new N200, N500, and N1,000 notes, adding that the Deposit Money Banks (DMB) holding the existing denominations of the currency begin returning these notes to the CBN immediately.

While reacting to the development, Kate condemned the move, noting that there are pressing issues the country needs to address swiftly.

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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.

“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!!”