Barely 40 days to the end of the year, the Federal Government has urged the Supreme Court to grant an extension of time for old naira notes to remain in circulation.
The government wants the apex court to lift its March 3 order that old naira notes should remain legal tender along with new notes till December 31.
It added that an extension of time is necessary because, due to the economic crisis, it has not been able to print the volume of new notes that would enable it to phase out old currency before December 31.
The Federal Government further explained that should the Supreme Court decline its request to extend the period of circulation of old notes, the country stands the risk of descending into another national, economic and financial crisis as witnessed in the first quarter of the year when the naira redesign policy was being implemented under former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.