Set Description:
The Republic of Biafra was a short-lived (30 May 1967-15 Jan 1970) secessionist state located in southeastern Nigeria. It was populated in large by the Igbo people, the third largest ethnic group in Nigeria. The secession was the result of a series of ethnic, religious and political tensions involving the Igbo and other groups within Nigeria. Biafra’s declaration of succession was met by a military and economic response from Nigeria. The resulting conflict was known as the Nigerian Civil War.
The banknotes in use, by both sides, at the beginning of the war, were the 1967 Nigerian notes consisting of 5 shillings (P6), 10 shillings (P7), 1 pound (P8) and 5 pounds (P9).
One of the first acts of the new Biafran government was the publication of Decree #3 of 1967, which established the Bank of Biafra. The new central bank was responsible for, among other things, the issue of bank notes.
The first notes printed were the 1968 issue consisting of 5 shillings (P1) and 1 pound (P2). These were followed by a second issue in 1969, consisting of 5 shillings (P3), 10 shillings (P4), 1 pound (P5), 5 pounds (P6) and 10 pounds (P7). The second issue notes are available in two varieties, with and without serial numbers. All known first issue notes have serial numbers. All Biafran notes were signed by Sylvester U. Ugog, Governor of the Bank of Biafra, and William Okefie Uzoaga, Director of the Bank of Biafra.
After Biafra started printing its own currency, Nigerian currency was no longer accepted for use within Biafra. Their remaining stock of Nigerian currency was used for foreign exchange purposes to help finance the war.
In 1968, in a largely successful attempt to cripple Biafra’s foreign exchange trade, Nigeria demonetized their entire 1967 note issue. They replaced the 1967 issue with the 1968 issue (Nigeria P10-13) consisting of the same denominations and vignettes, but different colors. Since Nigeria blockaded and controlled Biafra’s borders, they prevented Biafra from receiving the new issue, effectively depriving Biafra of a foreign currency exchange trade.
In the end, Nigeria’s economic and military offensive was too much for Biafra. On 14 January 1970, Biafra surrendered and was reintegrated into Nigeria. Biafra’s banknotes were demonetized and Nigerian currency was, once again, the coin of the realm.
The key notes in the seven-note type set are P2 and P7. P2 is readily available in circulated condition, but difficult to find in CU.
|