Naira Redesign: ISWAP Responds To CBN's Decision

The Islamic State of West African Province (ISWAP) has reacted to the decision by the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 notes.

The terrorist group has reportedly prohibited farmers and fishermen from using the naira for trade or tax payment in Lake Chad.

This was revealed by Zagazola Makama, a Counter Insurgency Expert and Security Analyst in the Lake Chad region who quoted a source as saying the move to redesign the notes 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.

It was also disclosed that the terrorists now accept the West African CFA Francs as currency to transact business in the area.

Per the information received, ISWAP takes no less than 1,500 West African CFA Francs monthly taxes from farmers and fishermen.

Speaking further, Makama added that ISWAP's military commanders in charge of taxes and levies, who reportedly imposed the ban, said the people are only allowed to pass through safe routes established by the terror group through Bulgaram, Cikka, Guma, Maltam, Doron Liman and Ramin Dorina, villages in the Cameroon Republic.

The source shared that the group has also secured trade routes for merchants, to enable them to access foodstuffs, weapons, fuel, and other logistics.