Naira Redesign: Bandits will Start to Collect Ransom in Dollars – Gumi

Islamic Cleric, Sheikh Ahmad Gumi has criticized  move by the Central Bank of Nigeria to redesign the naira, saying the timing was wrong and would not curb kidnapping as the apex bank thinks because bandits will start to demand ransom in dollars.

He stressed that this will further put more pressure on the already weak naira.

Gumi said “Many good ideas are marred by wrong timing. This is likely to be another one.

“No matter how ingenious the hatchers may romanticise; the benefit will remain phantom since the reality on the ground is incongruous and it spells doom for the escapade.

“As for the question of starving kidnappers of 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 bad-der.”

Mr Gumi, a self appointed mediator for bandits, stated this in a  Facebook post on Saturday titled “Changing Naira: This is no time for economic kamikaze.”

Sheikh Gumi explained that “Kidnapping can only be stopped by robust policing, social justice for all, and equitable wealth distribution. Any cosmetic measures will not stop it.”

Sheikh Gumi’s aide Tukur Mamu has been under investigation for his alleged involvement in kidnapping and banditry.

The CBN governor, Godwin Emefiele, on Wednesday last week announced the plan by the Central Bank to redesign N200, N500, and N1000 which he said the apex bank had “obtained the approval of President Muhammadu Buhari.”

Mr Emefiele said one of the reasons for the call back of the existing notes to the banks vaults is to frustrate bandits and other criminals who collect huge cash in ransom.

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