Naira Redesign: ISWAP Terrorists In Confusion, Opts for…

Terrorist group, Islamic State of the West African Province (ISWAP) has been thrown in confusion over the Naira redesign proposed by the Central Bank of Nigeria (CBN) last month.

The decision carried out by the CBN said the N200, N500, and N1000 naira notes will be redesigned. The new design and issues will be effective from mid-December 2022. In that line, CBN had advised Nigerians to take old notes to banks to enable them to withdraw the new banknotes once circulation begins.

According to Zagazola Nakama, a counter-insurgency organisation in the Lake Chad region, evidence from intelligence sources indicated that the Naira redesign change had confused ISWAP members remote from banks in the Tumbus of Lake Chad.

As a result, the terrorists banned farmers and fishermen in Lake Chad from using the naira for transactions.

Furthermore, the intelligence source claimed that it would be very difficult for the terrorist organisation to convert its cash into new currency notes. Thus, the insurgents are now getting West African CFA Francs, which they want to swap out for Nigerian naira.

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“The terrorists have also banned all Nigerian fishermen, herdsmen and farmers from sneaking into the Lake Chad through Marte, Abadam, and Gamborun Ngala in order to prevent the naira from reaching into the camps of the terrorists in the Lake Chad,” the source told Zagazola.

The terrorist commanders in charge of taxes and levies, Ibn Umar and Malam Ba’ana, who enforced the restriction, said that only Cameroonian communities in Bulgaram, Cikka, Guma, Maltam, Doron Liman, and Ramin Dorina were secure entry points for humans.

The Eagle reports that from last October 26 when the CBN Governor, Mr. Godwin Emefiele, announced plans by the Federal Government to redesign the Naira, a lot of controversy has trailed it.

Much of such controversy has been on the negative side, questioning the wisdom in such a capital intensive and sensitive policy measure.

While many believe it did not rank amongst Nigeria’s current economic challenges, others feel the timing is totally wrong.

If the latest report is anything to go by, perhaps, the CBN decision in the naira redesign may be a move in the right direction.