Nigerian Court Adjourns Currency Case as Cash Shortage Persists

Adjournment extends tension, confusion over demonetization
Ruling party governors at odds with president, central bank

A customer withdraws newly-designed Nigerian 1000 naira banknotes from an automated teller machine (ATM) in Lagos, Nigeria, on Monday, Feb. 6, 2023. Central Bank Governor Godwin Emefiele has defended his decision to replace 2.7 trillion naira ($5.85 billion) of cash outside the banking system even as scenes of chaos have unfolded all over Nigeria, where the vast majority of transactions are still done in cash.Photographer: Benson Ibeabuchi/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By William Clowes

February 15, 2023 at 10:05 AM UTC

Updated on

February 15, 2023 at 2:27 PM UTC

This article is for subscribers only.

Nigeria’s top court adjourned a hearing on the use of old naira banknotes after more states joined a lawsuit challenging a central bank decision to outlaw them, prolonging the chaos across the country amid a shortage of the new currency.

The case before the Supreme Court will resume on Feb. 22, Kogi state Governor Yahaya Bello told reporters Wednesday in the capital, Abuja. The central bank in October announced that it would redesign its highest-value banknotes in a bid to mop up excess cash and rein in inflation.