In his statement of 1 February 1968, Dr. Okigbo, Biafra’s Commissioner of Economic Affairs, said “the lack of international acceptance and lack of a commensurate exchange rate was immaterial since the currency was intended only for circulation in Biafra.” In other words, it was worthless outside Biafra. After the war those that had this money were carting them to Nigerian banks, hoping to get the equivalent in new Nigerian notes. No banker or economist worth that description would approve that. Awolowo, in his bid to rehabilitate the Igbo and restore economic normalcy, approved the payment of 20 Nigerian pounds flat rate for every Biafran notes depositor. It was never £20 for every Igbo. Twenty pounds for every Biafran? That would have been around £300 million, when Nigeria’s annual budget before the war was £342.22 million, for a population of 57 million. -Mayowa Akinsola.
Posted on: Sun, 03 Nov 2013 07:05:24 +0000
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