By Emegwoako C. Paschal
The terrorist group Islamic State of West African Province (ISWAP) has prohibited farmers and fishermen in Lake Chad from transacting in naira.
This was due to the Central Bank of Nigeria’s (CBN) decision to redesign some new naira notes.
The CBN announced last month that it had redesigned the N200, N500, and N1000 new naira notes. The new design and issues will go into effect in mid-December 2022. He had advised Nigerians to take their old notes to banks so that they could withdraw the new banknotes once they became available.
However, TheCable quoted Zagazola Nakama, a counter-insurgency outfit in the Lake Chad region, as saying that intelligence sources said the currency redesign move had confused ISWAP members who were far away from banks in the Tumbus of Lake Chad.
According to the intelligence source, it would be extremely difficult for the terrorist group to convert their money into new currency notes. As a result, the insurgents are now receiving West African CFA Francs, which they intend to replace as a trade currency with the Nigerian naira.
“The terrorists have also prohibited all Nigerian fishermen, herders, and farmers from sneaking into Lake Chad via Marte, Abadam, and Gamborun Ngala in order to prevent naira from reaching the terrorists’ camps in Lake Chad,” a source told Zagazola.
The terrorist commanders in charge of taxes and levies, Ibn Umar and Malam Ba’ana, who imposed the ban, stated that people were only allowed to come through safe routes established by the terror group through the villages of Bulgaram, Cikka, Guma, Maltam, Doron Liman, and Ramin Dorina in Cameroon.
Meanwhile, the Central Bank of Nigeria (CBN) stated that one of the reasons for redesigning some naira notes is to reduce terrorism.
“Also, given the current level of security in the country, the CBN is confident that incidents of terrorism and kidnapping will be reduced as access to large amounts of money outside the banking system used as a source of funds for ransom payments begins to dry up,” Emefiele had said.
