The bank was first located in Enugu, but due to the ongoing war, the bank was relocated several times.Biafra attempted to finance the war through foreign exchange. After Nigeria announced their currency would no longer be legal tender (to make way for a new currency), this effort increased. After the announcement, tons of Nigerian bank notes were transported in an effort to acquire foreign exchange. The currency of Biafra had been the Nigerian pound, until the Bank of Biafra started printing out its own notes, the Biafran pound.The new currency went public on 28 January 1968, and the Nigerian pound was not accepted as an exchange unit.The first issue of the bank notes included only 5 shillings notes and 1 pound notes. The Bank of Nigeria exchanged only 30 pounds for an individual and 300 pounds for enterprises in the second half of 1968.
In 1969 new notes were introduced: £10, £5, £1, 10/- and 5/-.
It is estimated that a total of £115-140 million Biafran pounds were in circulation by the end of the conflict. This is a relatively small amount, however, as the Biafran population at the time was 14 million, meaning roughly £10 per person was in circulation
