Front and back view of the Biafran Pound, 1968.

Front and back view of the Biafran Pound, 1968.

Front and back view of the Biafran Pound, 1968.
The Central Bank of Biafra was responsible for all central banking functions of the Republic, including foreign exchange management and the administration of public debt. The bank was governed by a board consisting of a governor and four directors. Its first governor was Dr. Sylvester U. Ugoh, a Harvard-trained economist.
Originally headquartered in Enugu, the Central Bank of Biafra was forced to relocate several times due to the realities of the ongoing civil war.
From May 30, 1967, the currency in circulation within Biafra remained the Nigerian pound. However, in 1968, the Bank of Biafra introduced its own legal tender—the Biafran pound. The new currency officially entered circulation on January 29, 1968, replacing the Nigerian pound as the unit of exchange within the Republic.