Following the intended Naira redesign, the Shura Council of the Islamic State of the West African Province (ISWAP) has banned Naira as a means of transaction for the illegal tax it collects from peasant farmers and fishermen.
Zagazola Makama, a Counter Insurgency Expert and Security Analyst in the Lake Chad region said the insurgents switched to the West African CFA as the currency of trade in the area.
It was also reported that the terrorists have 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 the camps of the terrorists in Lake Chad.
Ibn Umar and Malam Ba’ana, the ISWAP Militant 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; Bulgaram, Cikka, Guma, Maltam, Doron Liman, and Ramin Dorina villages in the 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 access foodstuffs, weapons, fuel, and other logistics.
The Nigerian government is yet to react to the development as of press time.