Bank of Biafra: History Behind its currency

Obinwannem News Bank of Biafra: History Behind its currency

The Bank of Biafra was created under Decree No. 3 of 1967 in order to ensure the normal functioning of the newly independent Biafran state. The first pieces of Biafran currency created were the 5 shillings coin and the £1 note.

In 1969, more coins were issued (including the 1 shilling, 2.5 shilling, 10 shilling, the 3 pence, and the 6 pence), along with more bills including the £1, £5, and £10.

The Bank of Biafra was initially located in Enugu, but it changed places multiple times throughout the war in order to avoid capture by advancing Nigerian forces. During the course of the three-year war, there were between £115-140 Biafran pounds created and use in circulation in the country.

Did you know that One biafran pound is worth 250 naira and in some cases 280. In Ghana it was investigated to worth bout 800 naira….now you see why Nigeria would never want them to leave. They’re scared of the consequences..of what Biafra will become.

More recently, currency spent in the Republic of Biafra during the Nigerian civil war (1967-70), Biafran Pound, has surreptitiously crept into the currency market, serving as the legal tender in some communities along the West African coast.

The money is being spent in the border town between Togo and Republic of Benin, while some currency hawkers also exchange it for the naira and other currencies in the border town between Ghana and Togo.

Lolo Ijeoma Njoku Obinwannem News Writer / Nov 27, 2021

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