The Federal Government has asked the Supreme Court to grant an extension of time for old naira notes to remain in circulation as legal tender.

The government also wants the court to lift its March 3 order that the old naira notes should remain alongside the new notes till December 31.

In March, the Central Bank of Nigeria (CBN) said old N200, N500, and N1,000 banknotes would remain legal tender till December 31, 2023.

It said the extension of time is necessary, and it has not been able to print the volume of new notes that would enable it to phase out old currency before the December 31 order.

In the fresh application by the Attorney-General of the Federation, Lateef Fagbemi, the Federal Government said if the Supreme Court declines its request, the country may descend into another economic and financial crisis, as witnessed during the naira redesign policy implemented by the former CBN Governor, Godwin Emefiele.