Kate Henshaw Condemns Naira Redesign

Nigerian actor, Kate Henshaw, has expressed worries over the decision of the Central Bank of Nigeria (CBN) to redesign some notes of the Nigerian currency amidst challenges confronting the country.

Governor of the Nigerian apex bank, Godwin Emefiele, disclosed on Wednesday, October 26, 2022, that President Buhari has authorized the redesigning, production, and circulation of N200, N500 and N1,000 naira notes, and directed all Deposit Money Banks (DMB) holding the current design of the denominations to “begin returning these notes back to the CBN effective immediately.’’

Kate Henshaw expressed displeasure at the directive and noted that Nigeria needs to address more pressing issues such as floods, insecurity, and the country’s upcoming election.

“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!!’’

Kate Henshaw

It is left to be seen if the CBN will allow for a gradual phase out of the existing naira denominations.

Source

The Nation