Naira Swap Mitigated ISWAP/Boko Haram Activities in N/East – Army

Maj.-Gen. Ibrahim Ali, the Theatre Commander of the North-East Joint Task Force, Operation Hadin Kai (OPHK), has said that the naira swap and cashless policy of the Central Bank of Nigeria (CBN) mitigated violent extremism in the North-East.

Mr Ali stated this while interacting with members of the Nigerian Union of Journalists (NUJ), Borno state council, on Tuesday in Maiduguri.

The commander described the policy as a positive step, adding that it has mitigated terrorists’ activities since its inception.

“The terrorists who had been exposed to hard living conditions have resorted to kidnapping, seeking ransom in cash and requesting foodstuff from their victims,” he said.

He said the terrorists had also resorted to propaganda on social media in their desperate attempt to remain relevant.

On October 26, the Central Bank of Nigeria (CBN) introduced redesigned 200, 500 and 1,000 naira notes into the financial system.

The CBN gave January 31 as the deadline for phasing out the old notes.

However, since the notes were unveiled on December 15, Nigerians have struggled to access them from banks and Automated Teller Machines (ATMs).

This made the CBN extend its deadline to February 10.

A Supreme Court order issued on February 8 restrained the apex bank from going ahead with its policy of ending the use of the old notes on February 10.

President Muhammadu Buhari, however, on February 16, extended the acceptance of the old N200 bill as a legal tender for the next 60 days.

He ruled out the extension for the old 500 and 1000 naira notes as legal tender.


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