Sunday, July 8, 2012


After the declaration of independence of  the republic of  Biafra the then military governor of the Eastern region of  Nigeria was to establish the central bank of the new republic

Initially the region continue make use of seized Nigeria pound to be used in exchange for it's goods and services within her territory and also as means of foreign exchange with the international community.

Following the decision of the Federal government of Nigeria to change Nigeria's currency as a war strategy, the new republic was forced to issue her own currency, the Biafran pounds for local trading as it was not recognized outside her shores as legal tender

The Biafran pounds was not short in circulation a it was not well planned as it as as a result of the Federal government's decision to render the one they were using useless. Banks were closed on numerous days as there was shortage in funds tn delivo be issued due to the fact that there was delay in importation from Portugal where it was being printed and even when bank opens the currency is rationed often pegged at maximum of one pound per day per person.

Sooner it loses its value as the war progresses as there were no goods, services or foods to be exchanged it with within the remaining Biafra republic annid the currency is not recognized in nearby nations that when a foreign journalist, Michael Mok of ‘Life’ magazine, asked a nun working with the Biafrans whether he could make a cash donation to help the starving children, he was told that cash would be useless, as there was nothing left to buy in Biafra.Jokes are often cracked that some individuals use the currency as alternatives to feathers in pillows due to it's worthlessness. After the war most of the currency in the hands of the Easterners were withdrawn central bank of Nigeria.

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