The Shura Council of the ISWAP has banned the transactions in Naira from farmers and fishermen due to the move by the Nigerian government to redesign and reissue higher denominations of the currency.
The Nigerian Government had announced its decision to redesign ₦200, ₦500, and ₦1000 notes.
It was gathered that this move by the government has thrown the ISWAP population in the Tumbus of Lake Chad away from bank branches.
They are currently bewildered about how to change their money into the new currency notes.
According to an Intelligence source, who spoke to Zagazola, in the Lake Chad region, the insurgents are now receiving the West African CFA Francs which they intend to use in replacing the Nigerian Naira as the currency of trade in the area.
The sources disclosed 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 the camps of the terrorists in Lake Chad.
Ibn Umar and Malam Ba’ana, ISWAP 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 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.
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