The Islamic State of West African Province (ISWAP), has directed its Shura Council to stop all transactions in Naira from Nigerian farmers and fishermen.
The insurgents instead, are receiving the West African CFA Francs as the currency of trade in place of Naira in the Lake Chad area.
This is in reaction to the Nigerian Government’s plan to redesign the Naira,
An Intelligence source told Zagazola Makama, a Counter Insurgency Expert and Security Analyst in the Lake Chad region.
The terror group according to sources had also banned all Nigerian fishermen, herdsmen and farmers from coming into the Lake Chad through Marte, Abadam, and Gamboru Ngala to prevent Naira from reaching into 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 through Bulgaram, Cikka, Guma, Maltam, Doron Liman and Ramin Dorina, villages in Cameroon Republic.
ISWAP in exchange now 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 accesses foodstuffs, weapons, fuel and other logistics.
The Nigerian Government had announced a 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.
Sources say the policy has thrown the ISWAP population in the Tumbus of the Lake Chad into confusion as they will find it difficult to change their money into the new currency notes.
