• Short Summary

    THE FEDERAL MILITARY GOVERNMENT OF NIGERIA HAS ANNOUNCED A NEW CURRENCY ISSUE WHICH WILL BE PUT INTO CIRCULATION ON WEDNESDAY 3RD JANUARY.

  • Description

    THE FEDERAL MILITARY GOVERNMENT OF NIGERIA HAS ANNOUNCED A NEW CURRENCY ISSUE WHICH WILL BE PUT INTO CIRCULATION ON WEDNESDAY 3RD JANUARY. ANNOUNCING THE ISSUE, AT A NEWS CONFERENCE IN LAGOS, THE FEDERAL COMMISSIONER FOR FINANCE, CHIEF OBAFEMI AWOLOWO, SAID THAT HUNDREDS OF MILLIONS OF BANKNOTES WILL BE WITHDRAWN OVER A PERIOD OF NINETEEN DAYS, TO BE REPLACED WITH NEW ONES, IN A BID TO STOP SECESSIONIST BIAFRA FROM BUYING ARMS ABROAD.

    OVER 100 MILLION NIGERIAN POUNDS WORTH OF NOTES, IN FOUR DENOMINATIONS, WILL BE EXCHANGED. OLD FIVE AND TEN SHILLING AND ONE AND FIVE POUND NOTES ARE BEING REPLACED WITH NOTES OF DIFFERENT COLOURS. THE PUBLIC WAS TOLD THAT THE NOTES WOULD BE EXCHANGED ONLY BETWEEN JANUARY 3RD AND 23RD.

    CHIEF OWOLOWO TOLD NEWSMEN THAT THE BREAKAWAY EASTERN GOVERNMENT OF LIEUTENANT-COLONEL ODUMEGWU OJUKWU HAD SEIZED ABOUT 37 MILLION POUNDS IN CENTRAL BANKNOTES WHEN IT PROCLAIMED INDEPENDENT BIAFRA, LAST MAY. HE SAID THE NOTES WERE IN VAULTS AT ENUGU AND PORT HARCOURT. ANOTHER TWO MILLION POUNDS WAS SEIZED, HE SAID, WHEN THE BIAFRAN REBELS OCCUPIED BENIN, IN AUGUST.

    CHIEF OWOLOWO SAID THE BIAFRANS HAD BEEN TRAFFICKING NIGERIAN CURRENCY ABROAD, TO BUY ARMS AND FINANCE THEIR PROPAGANDA. HE SAID REPORTS HAD BEEN RECEIVED THAT LARGE SUMS OF NIGERIAN CURRENCY HAD BEEN OFFERED AT FANTASTIC DISCOUNTS TO OVERSEAS SPECULATORS.

    THE FINANCE MINISTER, ANSWERING QUESTIONS FROM NEWSMEN, SAID THAT FOREIGN BANKS WHICH COULD PROVE THEY LEGITIMATELY HELD NIGERIAN POUNDS BEFORE LAST JULY'S EXPORT BAN, WOULD BE ABLE TO EXCHANGE THEM WITH THE CENTRAL BANK, UNDER SPECIAL PROVISIONS.

    CHIEF OWOLOWO GAVE THREE REASONS FOR THE CURRENCY CHANGE-OVER. FIRSTLY, IT WILL DEPRIVE THE EXISTING CURRENCY, NOW IN POSSESSION OF THE REBELS, OF ITS PURCHASING POWER; IT WILL ENSURE THE EFFECTIVENESS OF THE BAN ON CURRENCY EXPORT; AND IT WILL MAKE IT VERY DIFFICULT FOR THOSE WHO HAVE DEALT WITH THE REBELS TO MAKE USE OF THE OLD CURRENCY.

    HE CONFIRMED THAT AN AMERICAN AND A LEBANESE BUSINESSMAN HAD BEEN ARRESTED, ON SUSPICION OF BEING INVOLVED IN ILLEGAL CURRENCY ACTIVITIES.

  • Tags

  • Data

    Film ID:
    VLVA6YWU24M9TEV1CE4PBL1ZDCG6X
    Media URN:
    VLVA6YWU24M9TEV1CE4PBL1ZDCG6X
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    01/01/1968
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:02:26:00
    Time in/Out:
    /
    Canister:
    N/A

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