The Shura Council of the Islamic State of the West African Province, ISWAP has banned the naira as a means of transaction for the illegal tax it collects from peasant farmers and fishermen.
This follows the Nigerian government’s move to redesign and circulate higher denominations of its currency.
According to the Central Bank of Nigeria (CBN), N200, N500, and N1000 notes will be reissued by December, and by January 31, 2023, the old notes will not be legal tender.
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According to Zagazola Makama, a Counter Insurgency Expert and Security Analyst in the Lake Chad region, the insurgents switched to the West African CFA as a currency of trade.
Due to the development, ZagaZola insisted that the terrorists also banned all Nigerian fishermen, herdsmen, and farmers from sneaking into Lake Chad through Marte, Abadam, and Gamborun Ngala to prevent the naira from reaching the camps of the terrorists in the 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 – 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.
It was gathered that the new naira move threw the ISWAP population in the Tumbus of Lake Chad into confusion.
However, the Nigerian authorities are yet to react to the latest development as of press time.
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