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
History of Nigeria civil war. On 29 May 1967, Lt. Col. Emeka Ojukwu, the military governor of the eastern region who emerged as the leader of increasing Igbo secessionist sentiment, declared the independence of the eastern region as the Republic of Biafra on 30 May 1967. The ensuing Nigerian Civil War resulted in an estimated 3.5 million deaths (mostly from starving children) before the war ended with Gowon's famous "No victor, no vanquished" speech in 1970. Following the civil war, the country turned to the task of economic development. The U.S. intelligence community concluded in November 1970 that "...The Nigerian Civil War ended