Kaduna-based Islamic cleric Ahmad Gumi says the proposed naira redesign by the Central Bank of Nigeria is wrongly timed and would not curb kidnapping as many are thinking because bandits will start to collect ransom in dollars.

“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,” Mr Gumi said. “Kidnapping can only be stopped by robust policing, social justice for all, and equitable wealth distribution. Any cosmetic measures will not stop it.”

Mr Gumi, a self appointed mediator for bandits, whose media aide, Tukur Mamu is under investigation for illicit dealings with bandits, disclosed this in a Facebook post on Saturday.

In the article titled: “Changing the Naira: This is no time for economic kamikaze,” Mr Gumi said “Many good ideas are marred by wrong timing. This is likely to be another one.

“No matter how ingenious the hatchers may romanticise; the benefit will remain phantom since the reality on the ground is incongruous and it spells doom for the escapade.”

Last week, CBN governor Godwin Emefiele announced the decision to change naira notes in circulation, declaring that the apex bank had “obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.” 

Mr Emefiele said one of the reasons for the withdrawal of existing notes is to frustrate bandits who are in the habit of collecting huge cash in ransom. The governor confessed that more than 80 per cent of the total money in circulation was out of bank vaults.