MISITURA OMODERE BOLAJI-YUSUFF, JCA (Delivering The Leading Judgment): The Respondent herein as the plaintiff before the High Court of Anambra State, Onitsha Judicial Division in its Amended Statement of Claim claimed a sum of ₦10,000,000.00 (Ten Million Naira) as general damages for breach of contract by the appellant. The respondent's case is that the respondent applied for a letter of credit for the sum of ₦100,000.00 (one hundred thousand dollars) from the appellant at its Onitsha branch. The appellant approved and issued a letter of credit for $83,500.00 (Eighty three Thousand, Five Hundred Dollars) and for which form 'M' was completed by the respondent and required documents were collected from the respondent. The appellant by its letter of 18th October, 1993 cancelled the letter of credit granted to the respondent and returned the respondent's documents.
By its 2nd further amended statement of defence, the appellant's case was that its acceptance to bid for foreign exchange on …