Biafra by a governor and four directors; the first governor, who signed on bank notes, was Sylvester Ugoh. A second decree, "Decree No. 4 of 1967", modified the Banking Act of the Federal Republic of Nigeria for the Republic of Biafra. The bank was first located in Enugu, but due to the ongoing war, it 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
Bight of Biafra trade emanating from the Bight of Biafra. Between 1525 and 1859, Britain dominated the slave trade from the Bight of Biafra accounting for over two-thirds of slaves exported to the New World. However, in 1807, Great Britain made illegal the international trade in slaves, and the Royal Navy was deployed to forcibly prevent slavers from the United States, France, Spain, Portugal, Holland, West Africa and Arabia from plying their trade. Earlier, in 1777, Portugal transferred control of Fernando Poo and Annobon to Spanish suzerainty thus introducing Spain into the early colonial history of the Bight of Biafra. On 30 June