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Gumi Rejects CBN’s Naira Redesign, Says It’s Economic Suicide

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Gumi Rejects Naira Redesign, Describes It As Economic Suicide
Sheikh Gumi

Sheikh Ahmad Gumi, widespread controversial Islamic cleric, has kicked in opposition to the redesign of the naira by the Central Bank of Nigeria (CBN), describing it as financial suicide for Nigerians, particularly rural dwellers.

Gumi opined that 80 % of Nigerians particularly rural folks, depend upon money transactions.

In an announcement titled: “Changing the Naira: This is no time for economic kamikaze!”, Gumi stated any coverage that can trigger extra cash crunch might be a catastrophe for the nation.

He additional defined that the coverage won’t starve kidnappers of money as a result of they could determine to demand for {dollars} and different currencies to make life extra more durable to the folks.

“People that promote items will let you know that the majority Nigerians don’t have the cash to purchase issues; subsequently most merchants are working at a loss and are already folding up. At this junction, something that may trigger extra cash crunch might be a catastrophe for the nation.

“Many good concepts are marred by improper timing. This is prone to be one other one. No matter how ingenious the hatchers might romanticize; the profit will stay phantom because the actuality on the bottom is incongruous and it spells doom for the escapade.

Also Read: Naira Redesign: CBN Insists It Followed Due Process

“Eighty % of Nigerians particularly rural folks depend upon money transactions. A sudden change to a cashless or cash-starved society will imply pauperizing them in a spate of a short while that would set off – God Knows- an unprecedented socio-economic turmoil on this semi-skilled or unskilled inhabitants.

“This type of program isn’t for a authorities that’s within the throes of its demise. If there’s any benefit of such adventures, it often comes after a few years of excruciating poverty and hardship which no well-meaning authorities ought to hand over such cruelty to a different incoming authorities to handle.

“Had it been began in 2015, it may very well be logical because the similar authorities will bear the consequence of its motion. We are a witness when the banning of bikes, promote of petrol and the blockage of communication in banditry-infested states didn’t assist to curb the menace however fairly made the populace endure the extra. This clearly exhibits that the federal government doesn’t think about the professionals and cons of its actions that are largely haphazard, not effectively thought by means of, and worst nonetheless clumsily executed.

“Mopping the money from the populace because it claims to swell business banks will give an unfair benefit to some those that management the banks in opposition to the higher inhabitants. As for the North which is poorly represented within the banking system, it’s a positive financial suicide.

“How many Nigerians have entry to banks? How many do have the privilege to get pleasure from the most straightforward of banking loans? You must know somebody to get a mortgage isn’t any information. In such a Nigeria, with this tight management of money movement, the nation is treading in the direction of communism and dictatorship.

“What we’d like is a free market-driven economic system with minimal money movement management. As for the query of ravenous kidnappers of Naira, it goes with out saying that they are going to resort to Dollars and different onerous currencies which can additional put extra stress on it making the rotten scenario bad-der.

“kidnapping can only be stopped by robust policing, social justice for all, and equitable wealth distribution. Any cosmetic measures will not stop it.May Allah open our eyes and prevent us from jumping from frying pan to fire. Amin,” he stated.

The publish Gumi Rejects CBN’s Naira Redesign, Says It’s Economic Suicide appeared first on Information Nigeria.

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