Sheikh Ahmad Gumi has reacted to the plan to redesign the naira.
He kicked against redesigning of the naira by the Central Bank of Nigeria (CBN), describing it as economic suicide for Nigerians, especially rural dwellers.
According to him, 80 percent of Nigerians especially rural people, depend on cash transactions.
In a statement titled: “Changing the Naira: This is no time for economic kamikaze!”, Gumi said any policy that will cause more cash crunch will be a disaster for the nation.
He further explained that the policy will not starve kidnappers of cash because they may decide to demand for dollars and other currencies to make life more harder to the people.
“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 more 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.
“Eighty percent of Nigerians especially rural people depend on
cash transactions. A sudden change to a cashless or cash-starved society
will 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.
“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.
“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 bad-der.
“kidnapping can only be stopped by robust policing, social justice for all, and equitable wealth distribution. Any cosmetic measures will not stop it.May Allah open our eyes and prevent us from jumping from frying pan to fire. Amin,” he said.
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