Naira declined further on Wednesday as liquidity remained a challenge at the black market. The first notes denominated in 5 shillings and £1 were introduced on January 29, 1968. 1 Naira = 100 kobo Symbol ₦ The naira is the currency of Nigeria. A series of coins was issued in 1969; 3 pence, 6 pence, 1 shilling and 2½ shilling coins were minted, all made of aluminium. Movement for the Actualisation of the Sovereign State of Biafra, MASSOB, has said it would start exchanging naira for Biafran currency in Igboland soon. MASSOB former leader, Chief Ralph Uwazurike had on February 27, 2011 launched the Biafran currency, vehicles, motorcycle plate numbers and driver’s licence. From Aloysius Attah, Onitsha. The subdivision of the Naira, kobo , is named by a derivation of the English ” copper .” And it was introduced on 1 January 1973, replacing the pound at a rate of 2 naira = 1 pound. Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. So, you've converted 1 Pound Sterling to 509.257564 Nigerian Naira.We used 0.001964 International Currency Exchange Rate. While against the European common currency it declined by N4 from N553 it traded on Tuesday to N557 on Wednesday. Ezeaka said the fall of the naira was an advantage for Biafra people as they can now transact at a cheaper rate. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federation. Biafran Pound Notes - Volume 79 Issue 4. Asked whether the naira should be devalued, he said that “there is an ongoing debate”. The rate of this currency in relation to the Nigerian Naira is approximately 442.100 NGN. The Nigerian Naira depreciated by N3 to N478 against the United States Dollar, down from N475 it exchanged on Tuesday. Movement for the Actualisation of the Sovereign State of Biafra, MASSOB, has said it would start exchanging naira for Biafran currency in Igboland soon. According to Ezeaka, “now that the naira has depreciated, it is to the advantage of Biafra currency because you can buy things with Biafran money at a very cheap price. It is subdivided into 100 kobo. This was part of the statement released by MASSOB’s Anambra North Director of Finance, Mr Martins Ezeala, in Onitsha, Anambra State on Sunday, where he claimed that since the value of […] NGN Exchange Rates how much is 10 Biafra pound to the naira currency? The central bank has imposed hard currency curbs and frozen the naira rate to the dollar, which has hit investment as foreign firms expect Biafra-Nigeria to devalue the currency anyway at some point due to a slump in oil revenues. Gibraltar Pound. MOVEMENT for the Actualisation of the Sovereign State of Biafra (MASSOB) has threatened to start exchanging naira for Biafran currency in Igboland.. ... “These IPOB members were arrested with Biafra currency, so when we say that IPOB has gone beyond a particular stage, the public may seem to disbelieve us because of their propaganda,” he said. The Nigerian currency is the Naira. Making the country, the last former British colony to abandon the £sd currency system in favour of the decimal currency system. ‘On February 27, 2011 Chief Ralph Uwazurike who was the former leader of MASSOB had launched the Biafra currency, vehicles, motorcycle plate numbers and drivers’s licence. This article examines the recent re-release of the Biafran pound currency, previously used by the breakaway Republic of Biafra between 1968 and 1970, by the separatist-revival group the Movement for the Actualization of a Sovereign State of Biafra … 6. 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