KIDNAPPERS WILL RELY ON DOLLARS AND OTHER HARD CURRENCIES IF NAIRA NOTES BECOME VOID - SHEIKH GUMI

Sheikh Abubakar Ahmad Gumi

The Central Bank of Nigeria (CBN) proposal's to redesign the naira to reduce ransom payments will fail, according to Kaduna-based Islamic cleric Sheikh Abubakar Ahmad Gumi, since kidnappers will turn to dollars and other hard currencies.

Gumi forewarned that the redesign of the naira will exacerbate the dire circumstances by increasing economic pressure.

In response to the CBN's redesign of the naira, Gumni, who shared this on his verified Facebook profile, stated that the nation needs a free market economy with minimum cash flow management.

The cleric pointed out that 8% of Nigerians, particularly those in rural areas, rely on cash transactions and warned that a quick shift to a cashless or cash-starved society would result in their pauperization over a short period of time and cause an unparalleled socioeconomic upheaval.

Gumni stated: "As for the question of starving kidnappers of the naira, it goes without saying that they will resort to dollars and other hard currencies which will further put more pressure on it making the rotten situation worse.

"This is no time for economic kamikaze! People that sell goods will tell you that most Nigerians don't have the money to buy things; therefore most traders are running at a loss and are already folding up. At this junction, anything that can cause more cash crunch will be a disaster for the nation

Gumi emphasized: "Many good ideas are marred by wrong timing. This is likely to be another one. No matter how ingenious the hatchers may romanticize, the benefit will remain phantom since the reality on the ground is incongruous and it spells doom for the escapade.

"This kind of programme is not for a government that is in the throes of its demise. If there is any advantage of such adventures, it usually comes after many years of excruciating poverty and hardship which no well-meaning government should hand over such cruelty to any incoming government to manage."