The Shura Council of the Islamic State of the West African Province (ISWAP) has banned the naira as a means of transaction for the illegal tax it collects from peasant farmers and fishermen.

This is a result of the Nigerian government’s move to redesign and reissue higher denominations of its currency.

According to the Central Bank of Nigeria (CBN), N200, N500, and N1000 notes will be reissued by December, and by January 31, 2023, the old notes will cease to be legal tender.

It was gathered that this move threw the ISWAP population in the Tumbus of Lake Chad into confusion.

According to Zagazola Makama, a Counter Insurgency Expert and Security Analyst in the Lake Chad region, the insurgents switched to the West African CFA as the currency of trade in the area.

ZagaZola claimed that the terrorists had also banned all Nigerian fishermen, herdsmen, and farmers from sneaking into Lake Chad through Marte, Abadam, and Gamborun Ngala to prevent the naira from reaching the camps of the terrorists in Lake Chad.

Ibn Umar and Malam Banana, 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 – Bulgaram, Cikka, Guma, Malta, 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.