Islamic scholar, Sheikh Ahmad Gumi, says the policy by the Central Bank of Nigeria (CBN) to redesign the naira notes will make kidnappers resort to dollars for ransom.
The CBN had on October 26 announced that it will be introducing redesigned N200, N500 and N1000 Naira notes.
According to the apex, old notes will stop being legal tender by January 2023.
Reacting to this development, Gumi noted the move by the CBN will cause economic woes on Nigerians.
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“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.”