Temporary Halt on Ban of Nigeria's Old Naira Notes

The Supreme Court has temporarily suspended the February 10, 2023 deadline to stop the use of old banknotes, which had caused a cash crisis in the country. Banks have not been releasing enough of the new naira notes, leading to desperate and chaotic scenes as people tried to get their hands on them.

The Supreme Court's decision comes after a legal challenge initiated by the northern states of Kaduna, Kogi and Zamfara earlier this month. 

The Central Bank of Nigeria said the new redesign was meant to address insecurity, tackle counterfeiting and force excess cash back into the banking system. However, experts are sceptical about such results - in a country that has battled chronic corruption for decades, with government officials regularly arrested for looting public funds - causing more hardship for many struggling with poverty. The chaos has led to concern that it could affect this month's elections, as many Nigerians do not have bank accounts.

The federal government has called on the Supreme Court to dismiss a suit challenging the February 10, 2023 deadline set by the Central Bank of Nigeria to end the legal tender status of the old versions of some newly designed currency notes.