Naira Redesign Policy: Kidnappers Will Demand Dollars for Ransom – Gumi

A controversial Kaduna-based Islamic scholar, Ahmad Gumi, has said the naira redesign policy embarked on by the Central Bank of Nigeria (CBN) will make kidnappers demand dollars for ransom.

Recall that on October 26, the CBN governor, Godwin Emefiele announced that it has redesigned some new naira notes.

The nation’s apex bank said the new notes include N200, N500 and N1000, adding that the new design and issues will be effective from mid-December 2022.

Reacting to this development, Gumi said the policy is ill-timed and will wreak havoc on the economy of the country and thus adversely affect the citizens.

The cleric said this on his Facebook page on Saturday titled: ‘Changing the Naira: This is no time for economic kamikaze!’

Gumi said: “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 a 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.