The terrorist group, Islamic State of the West African Province, (ISWAP), has banned farmers and fishermen in Lake Chad from using the naira for transactions.
This is a result of the decision of the Central Bank of Nigeria (CBN) to redesign some new naira notes.
Recall that last month, the Nigerian apex bank said it redesigned N200, N500, and N1000 new naira notes. The new design and issues will be effective from mid-December 2022. It directed Nigerians to take their old notes to commercial banks to enable them to withdraw the new banknotes once circulation begins.
However, according to a counter-insurgency outfit in the Lake Chad region, information from intelligence sources indicated that the currency redesign move has thrown ISWAP members who are far away from banks in the Lake Chad region into confusion.
According to the intelligence source, the terrorist group will find it extremely difficult to change their money into new currency notes; therefore, the insurgents are now receiving the West African currency, the CFA Franc, which they intend to replace with the Nigerian naira as a trade currency.
The terrorists have 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, the source added.
The terrorist commanders in charge of taxes and levies, who imposed the ban, Ibn Umar and Malam Baana, said the people are 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.
The CBN, while issuing its directive, had stated that one of the reasons for redesigning some of the naira notes is to minimise terrorism.
