Terrorists Group, ISWAP Bars Nigerian Lake Chad Traders From Naira Transactions
- The Islamic State of West Africa (ISWAP) has allegedly asked farmers and fishers in the Lake Chad area to stop using naira
- The terrorist organization said the new currency of trade in the area is now the West Africa CFA Franc
- The move by the group is said to be a result of CBN’s plans to redesign the naira notes which begins circulation by December 15
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The terrorist organization, the Islamic State of West African Province (ISWAP), has directed farmers and fishermen in the Lake Chad region to stop transacting in naira.
The move by the terrorist organization is connected to the announcement by the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1,000 notes.
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Godwin Emefiele, the governor of the CBN, announced last month that the new naira notes would be introduced into circulation on December 15, 2022, adding that the old and new notes would circulate together until January 31, 2022, when the old ones would cease to be legal tender.
The Punch stated that a report on Saturday, November 12, 2022, by a counterinsurgency and security expert in the Lake Chad region, Zagazola Makama said the terrorists are now receiving payments in the West African CFA Franc to replace the naira as the currency of trade in the area.
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According to Makama, ISWAP had ordered that the monthly levy allegedly imposed on farmers and others be paid in the new currency.
The report read:
“The move (naira redesign) by the government has thrown the ISWAP population in the Tumbus of the Lake Chad and away from bank branches into confusion as they will find it extremely difficult to change their money into the new currency notes.
“The terrorists had also banned Nigerian fishermen, herdsmen, and farmers from sneaking into Lake Chad through Marte, Abadam, and Gamborun Ngala to prevent the naira from reaching into the camps of the terrorists in Lake Chad.
According to the report, the terrorists in charge of taxes and levies imposed the ban and stated that the people can only come via the safe routes where ISWAP charges them 1,500 CFA as monthly taxes for those willing to pay.
The group also secured safe routes through which they ferry weapons, foodstuff, fuel and other logistics.
“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 through Bulgaram, Cikka, Guma, Maltam, Doron Liman and Ramin Dorina, villages in the Cameroon Republic. In exchange, ISWAP collects 1,500 West African CFA Franc, monthly taxes from the people who appear willing to pay. They have also secured trade routes for merchants to enable them access foodstuffs, weapons, fuel and other logistics. “
New naira notes: CBN asks banks to accept cash deposits above N500,000
Legit.ng reported that In its ongoing efforts to ensure full compliance with the deadline for the naira redesign, the Central Bank of Nigeria has directed Deposit Money Banks (DMBs) to accept cash deposits above its cashless policy level.
CBN’s Director of Corporate Communications, Osita Nwanisobi stated this on Thursday, November 10, 2022, at the ongoing 2022 Lagos International Trade Fair.
Nwanisobi said banks have been asked to return existing naira notes to the apex bank immediately and instructed to accept cash deposits above the cashless policy threshold without charges.
Source: Legit.ng
