Historical Sketch

In May 1967, the Nigerian Eastern Region seceded and formed the Republic of Biafra. The unilateral declaration of independence was not recognized internationally. The Biafran secession was crushed militarily in January 1970.

Monetary History Overview

To fight the Biafran secession of 1967, Nigeria also used an economic blockade. Among others, a currency exchange took place in January 1968, which not only rendered the banknotes invalid for trade in Nigeria but also led to an inflow into Biafra. Therefore, the Bank of Biafra which had been founded immediately after the declaration of independence began issuing the Biafran Pound as national currency. The worthless Nigerian banknotes were demonetized within two weeks, but the exchange could not be carried out everywhere such that the old currency remained the only means of exchange in wide areas. After the collapse of the secession, the Nigerian authorities declared the Biafran banknotes invalid without compensation, the same for the pre-1968 Nigerian banknotes still in circulation in Biafra. To prevent hardship, however, an exchange of 20 Pounds per person was finally conceded.

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