The International Monetary Fund has reported disruptions in trade and payments to Nigeria. For this reason, the Supreme Court of Nigeria on Wednesday, February 8, 2023, prevented the government from enforcing the Friday deadline for citizens to exchange their old banknotes for new ones.

As part of a central bank initiative to reduce cash circulation and control double-digit inflation, Nigerians had to return their old 1,000, 500, and 200 naira bills in exchange for newly designed bills. The deadline is set for Friday. Indeed, people say that there are not enough new bills available yet, which has led to chaotic scenes in banks and serious cash shortages. For this, Supreme Court Justice John Inyang Okoro said the decision to suspend the deadline was unanimous, pending a legal challenge from three states that had argued that the ticket exchange plan was causing difficulties before the elections. The court is due to hear the states' challenge on February 15.