In another development, ISWAP has banned farmers and fishermen in Lake Chad from using the naira for transactions as a result of the decision of the Central Bank of Nigeria, CBN to redesign some new naira notes.
Last month, the CBN said it redesigned 200 Naira, 500 Naira, and 1000 new Naira notes. The new design and issues will be effective from mid-December 2022. He had advised Nigerians to take old notes to banks to enable them to withdraw the new banknotes once circulation begins.
However, a counter-insurgency outfit in the Lake Chad region, stated that information from intelligence sources said the currency redesign move had thrown ISWAP members far away from banks in the Tumbus of Lake Chad into confusion.
According to the intelligence source, the terrorist group would find it extremely difficult to change their money into new currency notes. Therefore, the insurgents are now receiving the West African CFA Francs, which they intend to replace with the Nigerian naira as a trade currency.
