13th November, 2022
The Islamic State of West African Province (ISWAP) has prohibited farmers and fishermen from using Naira for trade or tax payment in Lake Chad.
This comes after the Central Bank of Nigeria (CBN) announced its decision to redesign the N200, N500, and N1000 notes.
Quoting an intelligence source, Zagazola Makama, a Counter Insurgency Expert and Security Analyst in the Lake Chad region, said the move by the Nigerian government to redesign the Naira notes, has thrown the ISWAP population in the Tumbus of Lake Chad into confusion as they will find it extremely difficult to change their money into the new currency notes.
The source further revealed that the terrorists now accept the West African CFA Francs as currency to transact business in the area.
According to the source, ISWAP collects no less than 1,500 West African CFA Francs monthly taxes from farmers and fishermen.
He added that the terrorists also banned all transits by Nigerian fishermen, herdsmen, and farmers through Marte, Abadam, and Gamboru Ngala to Lake Chad to prevent the Naira from their camps.
Ibn Umar and Malam Ba’ana, the ISWAP Militant Commanders in charge of taxes and levies, who reportedly 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.
They have also secured trade routes for merchants, to enable them access foodstuffs, weapons, fuel, and other logistics, the source added.