OGUNTADE, J.S.C. (Delivering the Leading Judgment): The dispute out of which this appeal arose was between a bank and its customer. The appellant was the bank and the respondent the customer. At the Orlu High Court of Imo State, the respondent as the plaintiff claimed against the appellant as the defendant the sum of two million naira being special and general damages. The claim was in negligence and alternatively for breach of contract. The parties are hereinafter referred to as plaintiff and defendant in line with their description before the trial court. The dispute arose in this way. The plaintiff wanted to pay its overseas suppliers based in Japan the sum of US$16,180.00 for raw materials to be imported. It approached the defendant, its banker for the issuance of a letter of credit in favour of the Japanese suppliers.
In the month of December, 1986, the plaintiff through the defendant sourced from the second tier foreign exchange market the said sum of US$16,180.00 for which it …