Naira Redesign: ISWAP Bans Farmers, Fishermen In Lake Chad Area From Transacting In Naira, Opts For CFAs

By: Zagalola Makama


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The Shura Council of the Islamic State of the West African Province(ISWAP), terrorist group, has banned the recieving 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 it’s 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 the 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 replaced the Nigerian Naira as currency of trade in the area.

The sources said that the terrorists had also banned all Nigerian fishermen, herdsmen and farmers from sneaking into the  Lake Chad through Marte, Abadam, and Gamborun Ngala in order to  prevent  the 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 lavies, 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. 

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 marchants, to enable them accesses foodstuffs, weapons, fuel and other logistics.

Naira Redesign: ISWAP bans farmers, fishermen in Lake Chad area from transacting in Naira, opts for CFAs

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