Ahmed Gumi, an Islamic cleric, has condemned the Central Bank of Nigeria’s (CBN) decision to redesign some Naira notes, saying that anything that causes more cash shortages will be disastrous for the country.
Recall that the Governor of the Central Bank of Nigeria, Godwin Emefiele, announced on Wednesday that the apex bank will begin issuing redesigned N200, N500, and N1,000 notes on December 15, 2022.
Concerned citizens have expressed their concern about the development, believing that it will cause more harm than good.
Gumi, in a statement posted on his Facebook page on Saturday morning, stated that eighty percent of Nigerians, particularly those in rural areas, rely on cash transactions.
Gumi warned that a sudden change to a cashless or cash-starved society would mean “pauperizing them in a spate of a short time that could trigger – God Knows- an unprecedented socio-economic turmoil in this semi-skilled or unskilled population”.
Reacting to insinuations that the move by CBN would cripple terrorists and reduce kidnapping, Gumi said “kidnapping can only be stopped by robust policing, social justice for all, and equitable wealth distribution, stressing that any cosmetic measures will not stop it”.
The statement reads partly, “People that sell goods will tell you that most Nigerians don’t have the money to buy things; therefore most poultry traders are running at a loss and are already folding up.
“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”.