Sheikh Ahmad Gumi has 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.