The Center for Memories has disclosed that the Biafra government created an early institution, the Bank of Biafra, and accomplished under “Decree No. 3 of 1967”.
Every May 30th is recognized as Biafra Day; The day the people of the old eastern region celebrate their heroes and heroines who wanted to break away from Nigeria in 1967-70 that led to a bloody civil war and over three million of Biafrans died especially children through starvation.
However, the Center for Memories revealed Biafra Economy during 1967-70.
According to them, BIAFRA: ECONOMY An early institution created by the Biafran government was the Bank of Biafra, accomplished under “Decree No. 3 of 1967”.
In 1967, DR. PIUS OKIGBO was appointed economic adviser to the Biafran government (1967–1970).
He succeeded in helping with the exchange unit. The first issue of the bank notes included only 5 shillings notes and 1-pound notes. The Bank of Nigeria exchanged only 30 pounds for an individual and 300 pounds for enterprises in the second half of 1968. In 1969 new notes were introduced: £10, £5, £1, 10/- and 5/-.
It is estimated that a total of £115–140 million Biafran pounds were in circulation by the end of the war, with a population of about 14 million, approximately £10 per person, the statement said.
Biafra had built all sorts of weapons by themselves namely the “Ogbunigwe”. These people also built makeshift refineries to refine their own petrol. These refineries served Biafrans, oiled the war and even got them some revenue.
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