The recent move by the Nigerian government to redesign the nation’s currency has thrown the Islamic State of the West African Province into a state of confusion
ISWAP in a recent move has banned the use of the naira as a means of transaction in the Lake Chad region
According to the terrorists, intend to replace the Nigerian Naira with CFA as the currency of trade in the region
The Shura Council of the Islamic State of the West African Province (ISWAP) has banned naira transactions from farmers and fishermen following the recent move by the Federal Government of Nigeria to redesign the nation’s currencies.
PM News reports that the move by the Nigerian government has thrown the terrorist organisation into a state of confusion over the FG’s plan.
The Nigerian government has earlier announced its plan to redesign the N200, N500 and N1,000 notes with the new designs hitting the banks by December 15.
The announcement which w as made by the governor of the Central Bank of Nigeria said that the move was aimed at controlling inflation and combating activities of criminal elements behind the financing of terror activities across the country.
According to Godwin Emefiele, the new notes will be in circulation from December 15, and all existing old and new currencies are to remain legal tender until January 31.
ISWAP is in a state of confusion
However, in its state of confusion, the terrorist group operating around the Lake Chad region will now find it difficult to spend or even change their money into the new currency notes considering their distance from bank branches and raising suspicion.
According to the report, an intelligence source told Zagazola Makama, a Counter Insurgency Expert and Security Analyst in the Lake Chad region, that the insurgents are now accepting transactions in the West African CFA Francs.
It said that the terrorists now intend to replace the Nigerian Naira with CFA as the currency of trade in the area.
The source also said that the leadership of ISWAP 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.
ISWAP militant commanders in charge of taxes and levies, Ibn Umar and Malam Ba’ana, 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 addition, to the new directive, 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.