After the bloodless coup d'état of 1969 that saw Mohamed Siad Barre's ascension to power, the government in 1971 nationalized the four foreign banks.
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NBI was the first bank in British Somaliland and was the banker to the colonial government until British Somaliland joined Italian Somaliland to form the Somali Republic in 1960.
These were followed in 1978 by notes of the same denominations issued by the Bankiga Dhexe Ee Soomaaliya (Central Bank of Somalia).
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