Bank of Zambia in the 1938 formation of the Southern Rhodesia Currency Board, which was based in Harare, in present-day Zimbabwe. The Board's jurisdiction included Northern Rhodesia, now called Zambia and Nyasaland, known as Malawi today. In 1954 the Southern Rhodesia Currency Board was renamed the Currency Board of Rhodesia and Nyasaland, and as the winds of change were strong in Africa at the time, the currency board was transformed into the Bank of Rhodesia and Nyasaland in 1956. In 1964 the Bank of Zambia was created from the Bank of Northern Rhodesia, which itself had only formed a year earlier in 1963
Northern Rhodesia Godfrey Huggins, the Prime Minister of Southern Rhodesia because of opposition from Africans and from within his own party. He did not entirely rule out federation, which had been proposed by a conference held at Victoria Falls in 1949 between the Southern Rhodesian government, and the elected, or "unofficial" members of the Northern Rhodesia Legislative Council led by Roy Welensky, without any Africans present. It was left to his successor in post in 1950 to 1951, James Griffiths, to begin exploratory talks with Huggins and Welensky representing the white minorities of both Rhodesias, subject to the opinion of the majority