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Sheikh Gumi says proposed redesign of the Naira is economic suicide
The Central Bank of Nigeria (CBN) has received knocks from prominent Islamic cleric, Sheikh Gumi over the proposed redesign of the Naira.
In a statement titled: “Changing the Naira: This is no time for economic kamikaze!”, Gumi said the move is an economic suicide for Nigerians, especially rural dwellers.
The cleric who noted that 80 percent of Nigerians especially rural people, depend on cash transactions, stated that any policy that will cause more cash crunch will be a disaster for the nation.
He also averred 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 for people.
Gumi said;
“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.”
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Hmm
Like this! 0Dislike this! 0ReplyAll the CRIMINALS that have LOOTED money and STASHED it somewhere have started complaining about the redesign of the zoo naira... they know they stand to lose the money or get ready to be jailed if they can't prove how they got the large sum to deposit in the bank... the STUPID minister of finance herself may have been the MONKEY and SNAKE swallowing money all these while!... CRIMINAL Gumi who have been collaborating with the fulani kidnappers and have been receiving 'cuts' doesn't know how to take the 'cuts' to the bank!... politicians looting money for election campaign are all unease now... kidnappers who are STASHING cash from ransom payment in SAMBISA FOREST have become helpless!... if CBN did not inform the finance minister then there must be a reason... they must have beamed on her... it is now evident that if she was aware she would have killed the plan!... because there are cocroaches in her cupboard!... if buhari makes a u turn then he too is a CRIMINAL!... this one of the integrity buhari will maintain by standing on the naira redesign he signed!...
Like this! 10Dislike this! 0ReplyHis major headache now is how to pay the ransome money he benefitted into the bank between now and January without triggering the money laundering alarm of the CBN. Bros you are going broke soon. Your money will expire in your hands. I urge the CBN to put tracking system in the new designs to frustrate kidnappers.
Like this! 8Dislike this! 0ReplyJust read the headline and I guess where is challenge is: Bandits and Terrorists ! Let him find a way out of the huge royalties they have been paying him for his underground support for the kidnappings.... #wordenough
Like this! 26Dislike this! 1ReplyMay Allah help disintegrate Nigeria so that I don't have to be in the same country with you - parasites and terrorists.
Like this! 28Dislike this! 0ReplyGumi and others have tons of unaccountable, buried Naira bundles everywhere.
Like this! 22Dislike this! 0ReplyGumi is now an economic analyst lol. Tells you FG is taking a right step
Like this! 21Dislike this! 0ReplyA degenerate kidnapper cum sheikh giving economic advice.
Like this! 18Dislike this! 1ReplyWhat does a College dropout knows about Economy every idiot will wade into matters of the moment is he trying to tell us he's wiser than the CBN Governor or all the guys that muted the idea pls let him face what he knows about and leave decisions in other fields to people who are competent to do their work
Like this! 7Dislike this! 0Reply
Are you speaking for the poor northerners or your bandits accomplices?
Like this! 18Dislike this! 0ReplyYou are not an economist,all d ransoms collected will be useless. Good move by CBN
Like this! 22Dislike this! 0ReplyThis Gumi is indeed a teroris. The billions he has been collecting as rasoms will be useless in his saves. CBN we're in Support of the new Naira notes, there is no going back.
Like this! 17Dislike this! 0ReplyIf Gumi says don't redesign the naira, then change it ASAP
Like this! 15Dislike this! 0ReplyAll shares from kidnapping and banditry Which is being stored in cash shall and must be brought out. Don't be scared Gumi, if you have some stored ahome this is the time to bring it out.
Like this! 11Dislike this! 0ReplyHuum, l am smiling. Terrorist is talking. ☺
Like this! 9Dislike this! 0ReplyThe thing dey pain you because bandit wen you they fight for Dem nor dey carry money go Bank and homage wen Dem dey give you too don run into billions, if u carry the money go Bank to change to new naira note Dem go ask u how you take get d money. We don't have any problem, na thrives get problem with this. The one wen pain be say d main thieves dem go cover up for them
Like this! 11Dislike this! 0ReplyCos una never chop una ransome finish? Wetin concern this man n economy? I thought he was religious? Na wa o👨🦯👨🦯👨🦯👨🦯👨🦯
Like this! 10Dislike this! 0ReplySheikh Gumi seems to be afraid of the redesigning of the naira because the Ill gotten wealth they’ve gotten from kidnapping, terrorism and banditry will have to be taken to the bank to be changed and then they wouldn’t be able to explain the source.. Gumi should be arrested!!!!!!
Like this! 11Dislike this! 0ReplyNa good thing to change dis currency b4, but enough cover up go dey. Most of our thieves politicians get billions wen Dem store for house. Na d kidnapper's and bandits d thing go real affect but the ones wen get connection nothing will happen to them. This nor go still make crime reduce at all
Like this! 2Dislike this! 0ReplyThis man is a leading leader of fulani herdsmen, he is afraid that the new concept will bring a level of sanity into the system, Now we are seeing the enemies of NIGERIA in the open. They should find a way of Terminating him permanently so as to reduce they influence of bandits in NIGERIA.
Like this! 26Dislike this! 1ReplySome billions go still enter some people account for this currency change. Na good thing b4 but it will not affect the real criminals in the country
Like this! 7Dislike this! 0ReplyE show say this man na the grand master of kidnappers ... make we see how u go use the money wey u make from kidnapping... Emiefele , this is the best thing u have done since u became CBN governor
Like this! 13Dislike this! 0ReplyTerrorists sponsors and kidnappers are coming out of their hole one by one. Zoo
Like this! 13Dislike this! 0ReplyCriminal he has cash stash some where in his backyard
Like this! 10Dislike this! 0ReplyIf this man is complaining that means is a good move by the CBN because Gumi is one of the greatest enemy of Nigeria..
Like this! 13Dislike this! 0ReplyGumi and others don bury unaccountable, uncountable amount of Naira.
Like this! 1Dislike this! 0Replymarket don fall the hidden billions of naira. anyway na dollar go hear am, the good thing be say counterfeit go reduce
Like this! 0Dislike this! 0ReplyThis is the first time it looks like the Federal government is taking the right step. Gumi go and hide. You better start thinking of how to invest all the money you made through kidnapping before it becomes irrelevant
Like this! 0Dislike this! 0ReplyThis is the same man Peter Obi went to pay homage it to. When did bandit sympathiser became an economist ?
Like this! 0Dislike this! 0ReplyBut dis man still talk one thing sha wey every body dey 4get. He say bandit or kidnappers go dey collect dollar or other hard currency 4 ransome now,and dat one go dey hard 4 d family of the victim to pay. May God help us 4 dis country
Like this! 0Dislike this! 0ReplyMaybe they should go ahead with the redesign. Let's see what the bandits do with their cash, and which BDC is withdrawing huge amounts of dollars and depositing naira
Like this! 0Dislike this! 0ReplyBut can't government get hold on this Gumi man? Is he too big for govt to deal with? Na wa oo
Like this! 0Dislike this! 0ReplyHe has not disobeyed any law yet, else they would have pounced on him since.
Like this! 0Dislike this! 0ReplyWhy the Muslims so interested in this naira redesign? You're the kidnappers, the terrorists, the Jihadists and all the "ists". That's why you are so afraid. But the Almighty God will rain judgement on you at the appointed time. Repent and give your lives to Christ!
Like this! 0Dislike this! 0ReplyFoolish man. Now giving them ideas to ask for foreign currency.
Like this! 0Dislike this! 1ReplyPlease why is this man getting media coverage?? If it were Nmadi Kanu they would have fined all the outlets. Linda STOP giving this man platform. Let your greed not lead you. You will never see this type of trash in BellaNaija
Like this! 0Dislike this! 0ReplyGod Almighty please do not spare evil people like Gumi. We know he is off to hell but please
Like this! 1Dislike this! 0ReplyAdd your comment
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