2017-06-02 Fri

Many collectors are interested in having a look at the Biafran currency notes as the events of the Nigerian war were fresh in their minds.

The first Biafra banknote was denominated in 5 shillings, also the Bank of Biafra introduced one Biafra pound in 1968. Later in 1969, a series of Biafra coins were issued, it included: 3 pence; 6 pence; 1 shilling; 2 and a half shilling.

In February 1969, The Bank of Biafra issued the second generation of Biafran currency. It consisted of: ten pounds; five pounds; one pound; ten shilling; five shilling.

The rest of the world didn’t recognise the Biafra notes but Philately shops sold the Biafran one pound notes and they became a part of some philatelists.

In the year 1967, the Federal Government of Nigeria decided to split the country into twelve states. This move became the main medium for the independence movements in the Eastern region. After that the leader of the Eastern region declared independence. Following that the new name for the independent state was The Republic of Biafra. Lieutenant-Colonel Ojukwu was the new leader who declared Independence.

The Federal Republic of Nigeria saw The Republic of Biafra as a Rebel state. However, the central government was determined to regain control of the Eastern Region. Still, the power of The Republic of Biafra was underestimated. The central government was prepared only for “Police Operation,” when they launched offensive actions on July 6, 1967.

After the police operation, the Biafra and Nigeria war continued for two and a half years. But Biafra was comparatively weaker to the Nigerian forces. It was necessary to conduct military operations and at the same time, support refugees. It also tried to conduct the affairs of the government. And hence, the Biafra Republic established the Bank of Biafra.

One of the main concerns of the new republic was the establishment of the first bank. One of the first decrees of Biafra was named “Decree No. 3 of 1967”. It proclaimed the establishment of the Bank of Biafra. This Decree also established that the Bank had a board consisting of four Directors and a Governor. The first governor of the bank was Sylvester U. Uqoh. He was the first banker to issue the two and a half shilling, one shilling, six pence and three pence Biafra notes. He also introduced the ten pounds, five pounds, one pound, ten shilling and five shilling Biafra banknotes.

It is difficult to count all the notes that were released during the conflict. Still, the serial number prefix of the Biafra notes helps us to count the number of notes that were to be issued.

The first series had only two serial number prefixes. The second had four prefixes. It helps to estimate the number of banknotes: - 5 shilling – 20 million; - One pound – 40 million.