The Islamic State of the West African Province (ISWAP), a
terrorist group, 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 to redesign some new naira notes.
Last month, the CBN said it redesigned N200, N500, and N1000 new naira notes. The
new design and issues will be effective from mid-December 2022.
He advised Nigerians to take old notes to banks to enable
them to withdraw the new banknotes once circulation begins.
However, Zagazola Nakama, a counter-insurgency outfit in the
Lake Chad region, expressed that information from intelligence sources said the
currency redesign move has thrown ISWAP members far away from banks in the
Tumbus of Lake Chad 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 CFA Francs, 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
told Zagazola.
Ibn Umar and Malam Ba’ana, the terrorist commanders in
charge of taxes and levies, who imposed the ban, 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.
Meanwhile, the CBN noted that one of the reasons for
redesigning some of the naira notes is to minimise terrorism.
“Also, in view of the prevailing level of security situation
in the country, the CBN is convinced that the incidents of terrorism and
kidnapping would be minimised as access to the large volume of money outside
the banking system used as source of funds for ransom payments will begin to
dry up,” Emefiele had said.
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