New Naira Notes: Kidnappers Will Resort To Dollars, Other Hard Currencies – Sheikh Gumi

Kaduna based Islamic cleric, Sheikh Abubakar Ahmad Gumi, on Saturday, said the decision by Central Bank of Nigeria (CBN) to redesign the naira to curtail ransom payment will fail, as kidnappers will resort to dollars and other hard currencies.

Gumi warned that the redesigning of the naira will further put more pressure on the economy making the rotten situation worse.

Gumi who posted this on his verified Facebook page, while reacting to CBN ‘s redesigning of the naira, said what the country needs is a free market driven economy with minimal cash flow control.

The cleric noted that eight percent of Nigerians especially rural people depend on cash transactions, saying a sudden change to a cashless or cash-starved society will mean pauperising them in a spate of a short time which could trigger an unprecedented socio-economic turmoil.