The young Republic relied heavily on foreign exchange for cash, which turned into a risky venture.

[1] On 27 January 1968, Biafran President C. Odumegwu Ojukwu declared:[1] "Fellow countrymen, I am happy to announce to you that I have today signed a decree introducing Biafran currency notes which will be the legal tender throughout the Republic of Biafra.

By that same decree, Nigeria currency notes will cease to be legal tender in Biafra.

Despite not being recognised currency by the rest of the world when issued, the banknotes were afterwards sold as curios (typically at an eighth of their face value, or 2/6 sterling for Biafran £1) in British notaphily shops.

All notes bear the signature of bank Governor Sylvester Ugoh and Director William Uzoaga.