SAMSON ODEMWINGIE UWAIFO, J.C.A. (Delivering the Leading Judgment): The introduction into the Nigerian financial system of multiple and differing foreign exchange markets has made a lot of difference to business. The rates of exchange are not the same. The transition from a single foreign exchange market came about in September, 1986. It was rather sudden, and consequently it caused an unusual rush in banking activities within the short period of transition allowed. This appeal deals with the law backing the transition as it affected or tended to affect the transaction between the parties to open a letter of credit (LC) at that time.
On 27 April, 1989 at the Enugu High Court, Ozobu, J., gave judgment in a claim for ₦22,650,337.50 being special damages as follows:
Particulars of special damages
1. Loss of 1,109 metric tons or 22,180 (50kg) bags of super-white cement at ₦70.00 per bag ₦1,552,600.00
2. Loss of 15,125 kos or 605 (25kg) bags of bayerferrox (iron) oxides at ₦240.00 per bag …