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Naira Redesign: ISWAP Begins Ransom Collection In CFAs

By Adedayo Said

The Shura Council of the Islamic State of the West African Province (ISWAP) terrorist group has stopped receiving the naira from farmers and fishermen due to the move by the Nigerian government to redesign and re-issue higher denominations of the currency.

The Nigerian government had announced its decision to redesign N200, N500, and N1000 notes, which it will start issuing by December 15, while the old notes will cease to be legal tender by end of January 2023.

It was gathered that this move by the government 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.

Zagazola Makama, a counter-insurgency expert and security analyst in the Lake Chad region said the insurgents were receiving the West African CFA Francs, which they intend to replace with the naira as the currency of trade in the area.

Makama claimed that the terrorists had also banned all Nigerian fishermen, herdsmen and farmers from sneaking into 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 region. 

“Ibn Umar and Malam Ba’ana, 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 through Bulgaram, Cikka, Guma, Maltam, Doron Liman and Ramin Dorina villages in Cameroon. 

“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 access foodstuffs, weapons, fuel and other logistics,” he said.

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