Timeline

• ??.06.1967
• Government decree [Bank of Biafra, No. 3] on the establishment of a central bank and creation of a national currency; effective immediately
• 03.01.1968
• Start of Nigerian currency exchange:
  - 03.01.1968: Start of issuance of new Nigerian banknotes
  - 12.01.1968: End of exchange period, demonetization of the old banknotes in Nigeria.
• 10.01.1968
• Start of Biafran currency exchange:
  - 10.01.1968: Start of issuance of new Biafran banknotes and coins
  - 22.01.1968: End of exchange period, demonetization of the old Nigerian banknotes
  - Due to the war situation, the currency exchange was carried out with delay or not at all so that the old Nigerian currencies continued to circulate in parts of Biafra.
• 09.04.1970
• Ordinance [Bank Moratorium (Eastern States) Order, No. 21], relieved the Bank of Nigeria of any liability for obligations of the former Bank of Biafra so that the Biafran banknotes were not redeemed but invalidated without compensation; effective immediately:
  - To avoid hardship, per person a maximum of 20 Pounds in Biafran and pre-1968 Nigerian banknotes was exchanged at par into new banknotes.

Valuation Regimes

• 1968-1970
• Fixed rate against US Dollar (nominal)