365news gathered that the illegal tax it levies on small-scale farmers and fishermen, the Shura Council of the Islamic State of the West African Province (ISWAP) has outlawed the use of the naira as a medium of exchange.
The Nigerian government’s decision to redesign and print larger denominations of its money is the cause of this.
The N200, N500, and N1000 notes will be reprinted by December, and the existing notes will no longer be accepted as legal money by January 31, 2023, according to the Central Bank of Nigeria (CBN).
It was said that this action confused the ISWAP population in the Lake Chad Tumbus.
The insurgents in the vicinity of Lake Chad, according to Zagazola Makama, a counterinsurgency expert and security analyst, shifted to the West African CFA as their preferred form of payment.
To stop the naira from getting to the terrorists’ camps in the Lake Chad, ZagaZola claimed that the terrorists had also forbade all Nigerian farmers, herders, and fishermen from sneaking into the lake through Marte, Abadam, and Gamborun Ngala.
Ibn Umar and Malam Ba’ana, the ISWAP Militant Commanders in charge of taxes and levies, who imposed the ban, said the people were only allowed to come through safe routes established by the terror group – Bulgaram, Cikka, Guma, Maltam, Doron Liman and Ramin Dorina villages in Cameroon Republic.
In exchange, 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 accesses foodstuffs, weapons, fuel and other logistics.
The Nigerian authorities are yet to react to the latest development, but there have been denials from government that terrorists are not controlling any part of the country.
