Terrorists start rejecting Naira and go for CFAs

Nigeria – The Shura Council of Islamic State West Africa Province (ISWAP) has banned the receipt of Naira to farmers and fishermen due to the Nigerian government’s decision to rethink and reissue higher denominations of the currency, a Republic of Chad-based Zagazola Makama Media Network reported.

Zagazola Makama is a growing reference for authentic information and analysis on the insurgency in the Lake Chad region and beyond.

The Islamic State West Africa Province is a militant group and administrative division of the Islamic State, a Salafist jihadist militant group and an unrecognized proto-state.

ISWAP is mainly active in the Chad Basin and leads a large insurgency against the states of Nigeria, Cameroon, Chad and Niger.

The Nigerian government had announced its decision to redesign the N200, N500 and N1000 banknotes which the government would start issuing by December and the old banknotes would cease to be legal tender by January 31, 2023.

This move by the government was found to have left the people of ISWAP in the Tumbus of Lake Chad and away from bank branches, in confusion as it would be extremely difficult for them to change their money into new notes.

The Central African CFA franc (French: franc CFA or simply franc) is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon.

The results show that N1,000 is currently trading between 1,400 CFA and 1,430 CFA.

Zagazola Makama reported that an intelligence source told a counter-insurgency expert and security analyst in the Lake Chad region, that the insurgents are now receiving the West African CFA francs that they intend to replace the Nigerian naira as the trading currency in the region. .

The sources said that the terrorists also banned all Nigerian fishermen, herders and farmers from sneaking into Lake Chad through Marte, Abadam and Gamborun Ngala to prevent Naira from reaching the terrorists’ camps in Lake Chad. .

Ibn Umar and Malam Ba’ana, ISWAP commanders in charge of taxes and levies, who imposed the ban, said people were only allowed to pass through safe routes established by the terror group – Bulgaram , Cikka, Guma, Maltam, Doron Liman and Villages of Ramin Dorina in the Republic of Cameroon.

In exchange, ISWAP collects 1,500 West African CFA francs, monthly taxes from people who seem very willing to pay.

They also secured trade routes for merchants, to allow them access to food, weapons, fuel and other logistical means.

It was only recently that a Kaduna-based Islamic cleric, Ahmad Gumi, said the proposed overhaul of the Naira by the Central Bank of Nigeria was poorly timed and would not curb kidnappings as many believe as bandits would start to collect ransoms in dollars.

“As to the issue of Naira hungry kidnappers, it goes without saying that they will resort to dollars and other hard currencies which will put even more pressure on him making the situation rotten bad.

“Kidnappings can only be stopped by strong policing, social justice for all and a fair distribution of wealth. No amount of cosmetic measures will stop it,” Mr. Gumi said.

Mr Gumi, a self-proclaimed bandit ombudsman, whose media aide Tukur Mamu is being investigated for illicit dealings with bandits, disclosed in a Facebook post.

Meanwhile, traders said the naira rally in the parallel market weakened on Tuesday as the currency depreciated to 800 naira/US$1 from 690 naira to the dollar recorded the penultimate week Friday. For the rest of the week, the Naira hovered between N780 and N850 and stabilized at N785 on Friday.

Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).

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