Controversial Islamic cleric, Sheikh Abubakar Ahmad Gumi, has condemned the decision by the Central Bank of Nigeria (CBN) to redesign naira notes.
Accord to Gumi, the expected outcome by the CBN to curtail ransom payment by bandits will not work as kidnappers will resort to demanding dollars and other hard currencies.
Gumi warned the redesigned naira notes will put more pressure on the economy to make the rotten situation worse.
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The renowned bandits advocate gave the warning on Saturday in a statement shared on his verified Facebook page, in a reaction to CBN ‘s announcement of redesign, production and circulation of N200, N500 and N1000 notes.
Gumi said what Nigeria needa right now is a free market driven economy with minimal cash flow control.
He wrote;
“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.
“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.”
