Nigeria's Supreme Court has put a hold on the deadline to cease the use of old banknotes, which was set for Friday and had sparked a cash crisis in the country.
The shortage of new naira notes has caused chaos and desperation among citizens, with reports of protests and fights at banks and ATMs.
The issue has raised concerns about its potential impact on the upcoming elections, as many Nigerians lack bank accounts.
The head of the election commission stated that some election service providers may need to be paid in cash, which could pose a challenge.
The Central Bank believes the currency redesign will help control inflation, which is at 21%. The bank reported that 80% of the notes in circulation are held outside financial institutions and hopes the redesign will bring that money back into the system to prevent rapid price increases.
The case, brought by the states of Kaduna, Kogi, and Zamfara, has been adjourned until February 15th.
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