Naira redesign: Kidnappers will demand ransom in dollars, says Gumi

Ahmad Gumi, an Islamic cleric, says the naira redesign policy by the Central Bank of Nigeria (CBN) will make kidnappers resort to dollars for ransom.

On October 26, the CBN announced that it has redesigned some new naira notes.

The 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 coming at the wrong time and will cast economic woes on the citizens.

“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,” he said.

“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.

“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.”