Planned redesign of Naira notes an economic suicide — Gumi

The controversial Islamic cleric, Sheikh Ahmad Gumi, has described as an economic suicide the planned redesign of Naira notes by the Central Bank of Nigeria (CBN).

The CBN Governor, Godwin Emefiele, had on Wednesday announced that the N200, N500, and N1000 notes would be redesigned effective from December 15.

Emefiele, who addressed journalists in Abuja, said the planned policy was in consonant with Sections 19 (A) and (B) of the CBN Act 2007 which allowed the apex bank to seek and obtain President Muhammadu Buhari’s approval on the matter.

However, Gumi faulted the timing of the policy in a statement in Abuja.

The cleric stressed the policy would not address the country’s security challenges as kidnappers, terrorists and other criminals might resort to an alternative approach for their heinous activities.

The statement read: “This kind of program 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 another incoming government to manage.

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“Had it been started in 2015, it could be logical since the same government will bear the consequence of its action. We are a witness when the banning of motorcycles, sell of petrol and the blockage of communication in banditry-infested states did not help to curb the menace but rather made the populace suffer the more. This clearly shows that the government doesn’t consider the pros and cons of its activities which are largely haphazard, not well thought through, and worst still clumsily executed.

“Mopping the cash from the populace as it claims to swell commercial banks will give an unfair advantage to a few people that control the banks against the greater population. As for the North which is poorly represented in the banking system, it’s a sure economic suicide.

“How many Nigerians have access to banks? How many do have the privilege to enjoy the most simple of banking loans? You need to know someone to get a loan is no news. In such a Nigeria, with this tight control of cash flow, the nation is treading towards communism and dictatorship.

“What we need is a free market-driven economy with minimal cash flow control. 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 worse.”

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