The Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, on Wednesday revealed that the apex bank will, from December 15, 2022, issue redesigned N200, N500, and N1,000 notes.
The development has been generating reactions from concerned citizens who are of the opinion that the move would resort to more harm than the targeted goal.
Sharing his view, Gumi in a statement on his Facebook page on Saturday morning, said eighty percent of Nigerians especially those in the rural areas depend on cash transactions.
Gumi warned that a sudden change to a cashless or cash-starved society would 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”.
Reacting to insinuations that the move by CBN would cripple terrorists and reduce kidnapping, Gumi said “kidnapping can only be stopped by robust policing, social justice for all, and equitable wealth distribution, stressing that any cosmetic measures will not stop it”.
The statement reads partly, “People that sell goods will tell you that most Nigerians don’t have the money to buy things; therefore most poultry traders are running at a loss and are already folding up.
“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”.