Owing to the policy by the Central Bank of Nigeria to redesign the N200, N500, and N1000 notes, the Islamic State West African Province (ISWAP) has reportedly banned farmers and fishermen from transacting in naira.
According to a tweet by Zagazola Makama, a counterinsurgency expert and security analyst in the Lake Chad region, he said that the terrorists are now receiving the West African CFA francs in place of the Nigerian naira as the currency of trade in the area.
Also, the counter-insurgency expert claimed that the terrorists banned all Nigerian fishermen, herdsmen, and farmers from sneaking into the Lake Chad via Marte, Abadam, and Gamborun Ngala in order to prevent the Naira from reaching their camps in the Lake Chad.
He said “Ibn Umar and Malam Ba’ana, SWAP Commanders in charge of taxes and lavies, 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.’
He added that in exchange, the terrorists now collect 1,500 West African CFA francs in monthly taxes from people who appear very willing to pay.