IMPACT OF BIAFRAN CURRENCY IN THE NIGERIAN CIVIL WAR FROM 1967 TO 1970

ABSTRACT This study aims to explore the role and impact of currency during the Nigerian Civil War (1967-1970), focusing on how economic policies, particularly related to the use of currency, influenced both the war effort and the socio-economic landscape in Nigeria. The objectives of the study are to examine the significance of currency in the conflict, the creation of Biafran currency, and the strategies employed by both the Nigerian and Biafran governments to manage their respective economies through monetary policies. The research methodology for this study combines primary sources and secondary sources. Oral interviews were conducted with key individuals who experienced the war firsthand, including veterans, economists, and former civil servants, whose insights offer valuable perspectives on the economic aspects of the war. Secondary sources, such as historical records, government documents, books, and academic articles, were also used to provide a broader understanding of the currency policies implemented during the war and their effects on the Nigerian and Biafran economies. The findings reveal that the role of currency during the Nigerian Civil War was critical in shaping the political and economic realities of both the Nigerian and Biafran states. The creation of the Biafran pound and the implementation of a currency blockade by the Nigerian government were pivotal in the conflict, with both sides using monetary strategies as tools of warfare. Currency shortages, hyperinflation, and the fluctuating exchange rates heavily impacted the civilian population, leading to widespread poverty, ec onomic instability, and a decline in living standards. The study also found that currency and economic issues played a significant role in wartime propaganda, influencing public opinion and the determination of both sides to continue the fight despite economic challenges.