Nigeria’s Supreme Court ordered the central bank to use outdated bank notes until December 31 due to a cash shortage and severe suffering.
The restriction on outdated currencies sparked discussion during Nigeria’s recent elections. Cash shortages and banknote rejections damage people. So, individuals have requested a delay in banknote retirement.
The Supreme Court ordered the central bank to use outdated banknotes until December 31, 2023, to address these problems. This gives the central bank more time to deliver fresh banknotes. Money shortages are less likely.
The central bank has previously said that it will replace outdated banknotes with new ones to prevent fraud and money laundering. The nation ran short of currency once the old bills were removed. So, it’s causing economic concern.
To compensate for the cash shortage, the Nigerian Supreme Court allowed individuals to use obsolete banknotes until the end of the year. while assisting others. The Nigerian economy’s issues and the necessity for cautious planning and management prompted this choice.
