Facts:

The plaintiff/cross-appellant, Mr. Chima Akwara owned and operated a metal foundry business in Imo State. He claimed in the trial court that in 1982 he paid the naira equivalent of £17,647.00 to his bank Afribank Plc – the defendant/appellant. Payment was to be transmitted to the plaintiff’s overseas suppliers for goods already supplied. He claimed that the defendant/appellant negligently failed to transmit the money to the overseas suppliers. In 1982 the equivalent of £17,647.00 in local currency was only N21,717.48 (Twenty-one thousand, seven hundred and seventeen naira forty-eight kobo). The court of appeal upheld plaintiff/cross-appellant’s entitlement to full compensation for the amount he paid to the defendant/appellant. The court of appeal held:

“It must not easily be forgotten that the parties entered in the transaction in 1982 when one Dollar was less than 1 Naira. At that time £17,647.00 was N21,000.00 naira odd. Now £17,647.00 is worth more than ?2million).