The Shura Council of the Islamic State of the West African Province(ISWAP), a terrorist group, has banned the receiving of Naira from farmers and fishermen due to the move by the Nigerian government to redesign and reissue higher denominations of the currency.
The Nigerian Government had announced its decision to redesign N200, N500, and N1000 notes which they will start issuing by December, and then by January 31, 2023, the old notes will cease to be legal tender.
It was gathered that this move by the government has thrown the ISWAP population in the Tumbus of Lake Chad and away from bank branches, into confusion as they will find it extremely difficult to change their money into the new currency notes.
An intelligence source told Zagazola Makama, a Counter Insurgency Expert and Security Analyst in the Lake Chad region, that the insurgents are now receiving the West African CFA Francs which they intend to replace the Nigerian Naira as the currency of trade in the area.
The sources said that the terrorists had also banned all Nigerian fishermen, herdsmen, and farmers from sneaking into Lake Chad through Marte, Abadam, and Gamborun Ngala in order to prevent the Naira from reaching the camps of the terrorists in Lake Chad.
Ibn Umar and Malam Ba’ana, the ISWAP Militant Commanders in charge of taxes and levies, who imposed the ban, said the people were only allowed to come through safe routes established by the terror group through Bulgaram, Cikka, Guma, Maltam, Doron Liman and Ramin Dorina, villages in the Cameroon Republic.
In exchange, ISWAP collects 1,500 West African CFA Francs, monthly taxes from the people who appear very willing to pay.
They have also secured trade routes for merchants, to enable them access foodstuffs, weapons, fuel, and other logistics.