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Currency warfare in civil war: The impact of the weaponisation and targeting of currencies in the Biafran war
Confidence, Jennifer Ezi-Nwa ; Dowd, Caitriona (advisor) ; Ludvík, Jan (referee)
Currency warfare is an actor's use of monetary or military force against an enemy's monetary power. This could manifest in the form of counterfeiting, and currency change, among others. Currency warfare is used as part of a military campaign, either prior to a military conflict or implemented side by side with a military conflict. This kind of warfare plays a crucial role in cutting off the war financing capability of an enemy. Despite its strategic usefulness in military campaigns, our knowledge of currency warfare is poor, even more in internal conflict, because most of the available research focuses on international conflict. For this research, the focus is on civil war to identify how the currency changes by both the government and rebel group (Biafrans) helped to increase or decrease the duration and severity of the conflict. This study on the Biafran war case developed a currency warfare theory for lack of available theory to guide the research. The theory established certain strategic functions; bankruptcy, arms shortage, loss of territory, limited access to foreign currency, hunger and famine, and static conflict zone, as the themes that determine currency warfare's impact on severity and duration. Relying on this, findings indicate that the currency change by Nigeria helped shorten the...
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