@zubymadu@yinlek2002@jon_d_doe “Not a state” is not how international law or history records it.*
> Biafra declared independence May 30 1967, had a government, army, flag, central bank, civil service, courts, tax system, and controlled territory for 30 months. 5 countries recognized it diplomatically.
@zubymadu@yinlek2002@jon_d_doe MMM/CBEX were voluntary ponzi schemes with no state behind them. Biafra was a de-facto state that ran a central bank, taxed people, paid salaries, and issued legal tender from Jan 1968–Jan 1970. Nigeria didn’t “warn” against Biafran £ — it captured territory and voided it by law
@zubymadu@yinlek2002@jon_d_doe 3> Awolowo himself: “We refused the Biafran note… but I laid down the principle that all those who had savings in the banks on the eve of Biafra will get their money back if they could satisfy us”. Panel was CBN + Finance Ministry.
@zubymadu@yinlek2002@jon_d_doe 2 < It ceased to be legal tender immediately”.
> The policy was enacted as the *BANKING OBLIGATIONS (Eastern States) DECREE, 1970*. It capped unproven accounts at £20 flat. Those who could prove Nigerian £ balances outside Biafra got full refunds.
@zubymadu@yinlek2002@jon_d_doe 3> After 1970, Nigeria demonetised the Biafran pound. The FG gave £20 flat to those whose records were lost or who held Biafran currency. Those who could prove Nigerian £ balances outside Biafra recovered all their money.
@zubymadu@yinlek2002@jon_d_doe 2> Ojukwu introduced the Biafran pound in Jan 1968 in response to Nigeria’s currency change. It was backed by Biafra’s internal resources and tax system, not forex, because Biafra had no international recognition to access foreign exchange.
@zubymadu@yinlek2002@jon_d_doe 1 Only banks outside Biafra could honour Nigerian notes after Jan 1968. During the war most people in the Eastern Region didn’t run big bank accounts — banking penetration was very low in the 1960s, especially outside major cities. The majority kept cash at home or with traders.
@yinlek2002@jon_d_doe However, Nigerians(then Biafrans) who could prove balances in _Nigerian pounds_ outside the Eastern Region got all their money back. Examples Alex Ekwueme and Arthur Nzeribe.
@yinlek2002@jon_d_doe Big lie
CURRENCY CHANGED
Nigeria changed its currency in Jan 1968 as a war strategy to stop Biafra using Nig. notes. A federal decree in June 1967 also said Nig. currency exported after 21 Aug 1967 would not be redeemed. That’s why Nig. pounds held in Biafra became unusable.
@yinlek2002@jon_d_doe 3/ The £20 policy after 1970
After Biafra surrendered in Jan 1970, the FG demonetised the Biafran pound. The “twenty pounds policy” gave former Biafran account holders a flat £20, regardless of prior balances.