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Renowned Northern Islamic Scholar, Dr. Sheikh Gumi has taken to his official Facebook page to warn the Federal Government and the Central Bank of Nigeria against redesigning the Nigerian Naira which has led to several mixed reactions over the week. According to Gumi, he made it known that redesigning the Nigerian Naira would not prevent cash flow to kidnappers, because they would resort to collecting ransom in dollars and other hard currencies.
Recall that earlier this week, reports had it that the Central Bank of Nigeria is set to redesign the Nigerian Naira which would make the old naira notes fizzle out at the end of the first month in 2023.
While reacting to this, Sheikh Gumi described this action as a robust plan but which comes at the wrong timing. He noted that this is not the time to redesign the Nigerian Naira because it may lead to economic doom. In his words, he said, “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”.
Also, he said, “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
