VALUE OF THE BIAFRAN POUND
During the short-lived Republic of Biafra (1967–1970), the Biafran pound (B₤) was introduced to replace the Nigerian pound in the secessi0nist territ0ry.
At introduction in 1967, the Biafran pound was set at par with the Nigerian pound, meaning:
1 Biafran pound ≈ 1 Nigerian pound.
As the Nigerian Civil W@r progressed, the Biafran pound rapidly devalued due to inflation, blockade-induced scarcity, and the collapse of Biafra’s economy.
By 1969–1970, the Biafran pound had lost significant value, and in practice, barter and foreign currencies became more common than Biafran banknotes.
After Biafra’s defeat in January 1970, the currency was demonetized, and the Nigerian pound was restored as legal tender.
So, while initially it was 1:1 with the Nigerian pound, wartime conditions made its real purchasing power drop drastically by the end of the conflict.
#history
Blackhistory
During the short-lived Republic of Biafra (1967–1970), the Biafran pound (B₤) was introduced to replace the Nigerian pound in the secessi0nist territ0ry.
At introduction in 1967, the Biafran pound was set at par with the Nigerian pound, meaning:
1 Biafran pound ≈ 1 Nigerian pound.
As the Nigerian Civil W@r progressed, the Biafran pound rapidly devalued due to inflation, blockade-induced scarcity, and the collapse of Biafra’s economy.
By 1969–1970, the Biafran pound had lost significant value, and in practice, barter and foreign currencies became more common than Biafran banknotes.
After Biafra’s defeat in January 1970, the currency was demonetized, and the Nigerian pound was restored as legal tender.
So, while initially it was 1:1 with the Nigerian pound, wartime conditions made its real purchasing power drop drastically by the end of the conflict.
#history
Blackhistory
VALUE OF THE BIAFRAN POUND
During the short-lived Republic of Biafra (1967–1970), the Biafran pound (B₤) was introduced to replace the Nigerian pound in the secessi0nist territ0ry.
At introduction in 1967, the Biafran pound was set at par with the Nigerian pound, meaning:
1 Biafran pound ≈ 1 Nigerian pound.
As the Nigerian Civil W@r progressed, the Biafran pound rapidly devalued due to inflation, blockade-induced scarcity, and the collapse of Biafra’s economy.
By 1969–1970, the Biafran pound had lost significant value, and in practice, barter and foreign currencies became more common than Biafran banknotes.
After Biafra’s defeat in January 1970, the currency was demonetized, and the Nigerian pound was restored as legal tender.
So, while initially it was 1:1 with the Nigerian pound, wartime conditions made its real purchasing power drop drastically by the end of the conflict.
#history
Blackhistory
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