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 Voided Naira Notes: Kidnappers Will Resort To Dollars, Other Hard Currencies – Sheikh Gumi

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Kaduna based mostly Islamic cleric, Sheikh Abubakar Ahmad Gumi, on Saturday, mentioned the choice by Central Bank of Nigeria (CBN) to revamp the naira to curtail ransom cost will fail, as kidnappers will resort to {dollars} and different exhausting currencies.

 

Gumi warned that the redesigning of the naira will additional put extra stress on the economic system making the rotten scenario worse.

 

Gumi who posted this on his verified Facebook web page, whereas reacting to CBN ‘s redesigning of the naira, mentioned what the nation wants is a free market pushed economic system with minimal money stream management.

The cleric famous that eight p.c of Nigerians particularly rural individuals rely upon money transactions, saying a sudden change to a cashless or cash-starved society will imply pauperising them in a spate of a short while which may set off an unprecedented socio-economic turmoil.

 

Gumi wrote: “As for the query of ravenous kidnappers of the naira, it goes with out saying that they may resort to {dollars} and different exhausting currencies which can additional put extra stress on it making the rotten scenario 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 careworn:”Many good concepts are marred by incorrect timing. This is more likely to be one other one. No matter how ingenious the hatchers could romanticize; the profit will stay phantom because the actuality on the bottom 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.”

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