• Short Summary

    THOUSANDS OF NIGERIANS CROWDED BANKS THROUGHOUT THE COUNTRY YESTERDAY (3 JANUARY), EXCHANGING OLD BANK NOTES FOR NEW UNDER A NATIONWIDE CURRENCY CHANGE AIMED AGAINST BIAFRA, THE BREAKAWAY REGION OF EASTERN NIGERIA.

  • Description


    FEDERAL CENTRAL BANK; SIGN 'SAVE WITH USA'; PEOPLE ENTER BANK; NEW CURRENCY ISSUED; FORMS FILLED IN; QUEUE; POLICE; CASHIER & MONEY CHANGE; PEOPLE WITH BANKNOTES.




    Initials IF/VS/BHH/SGM



    Script is copyright Reuters Limited. All rights reserved

    Background: THOUSANDS OF NIGERIANS CROWDED BANKS THROUGHOUT THE COUNTRY YESTERDAY (3 JANUARY), EXCHANGING OLD BANK NOTES FOR NEW UNDER A NATIONWIDE CURRENCY CHANGE AIMED AGAINST BIAFRA, THE BREAKAWAY REGION OF EASTERN NIGERIA. THE MOVE FOLLOWS A DECISION ANNOUNCED ON DECEMBER 30TH TO WITHDRAW HUNDREDS OF MILLIONS OF BANKNOTES IN A BID TO STOP BIAFRA FROM BUYING ARMS ABROAD.

    TROOPS AND ARMED POLICE CONTROLLED LONG QUEUES OUTSIDE THE LAGOS HEADQUARTERS OF THE FEDERAL CENTRAL BANK AND OTHER PRIVATE BANKS, BUT NO INCIDENTS WERE REPORTED. THE CENTRAL BANK GOVERNOR, DR. CLEMENT ISONG, SAID THE CHANGE OVER TO NOTES OF DIFFERENT COLOURS WAS GOING 'VERY WELL' SO FAR.

    MORE THAN FORTY MILLION PEOPLE, EXCLUDING THOSE IN THE BREAKAWAY EASTERN STATES, HAVE BEEN GIVEN 19 DAYS TO HAND IN OLD NOTES. THERE ARE THOUGH TO BE SOME 70 MILLION NIGERIAN POUNDS (GBP80 MILLION STERLING) IN CIRCULATION. OLD FIVE SHILLING, TEN SHILLING, AND FIVE POUND NOTES ARE ALSO BEING WITHDRAWN.

    IT IS HOPED THAT THE CURRENCY CHANGE WILL BLOCK THE PURCHASE OF FOREIGN ARMS BY THE BREAKAWAY REGION, AND ALSO MAKE USELESS THE 37 MILLION POUNDS IN OLD CENTRAL BANK NOTES WHICH WERE SEIZED ON THE DECLARATION OF INDEPENDENCE BY BIAFRA LAST MAY. THESE WERE IN VAULTS AT ENUGU AND PORT HARCOURT. A NUMBER OF PEOPLE, TOO, HAVE BEEN ARRESTED RECENTLY ON SUSPICION OF ILLEGAL CURRENCY SPECULATION - AN ABUSE WHICH THE NEW CURRENCY IS DESIGNED TO CHECK.

    NIGERIAN'S HEAD OF STATE, MAJOR GENERAL YAKUSU GOWON, NOW HOPES THAT THE SEVEN-MONTH OLD CIVIL WAR WILL HAVE ENDED BY MARCH 31, 1968. THIS WAS THE DEADLINE WHICH THE GENERAL LAID DOWN IN A JANUARY 1 SPEECH TO MILITARY GOVERNORS, WAR-FRONT COMMANDERS, AND OTHER NIGERIAN MILITARY OFFICIALS.

  • Tags

  • Data

    Film ID:
    VLVA5GAZ9IFT11FBZ8DK4XXA17BG4
    Media URN:
    VLVA5GAZ9IFT11FBZ8DK4XXA17BG4
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    04/01/1968
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:02:29:00
    Time in/Out:
    /
    Canister:
    N/A

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