In 2020, the Central Bank of the Bahamas became the first bank in the world to offer a central bank-issued CBDC (Sand Dollar) to all residents of the island nation. Other countries, including China, have been pushing ahead with large-scale trials of digital currencies, with the People's Bank of China reportedly handing out millions of yuan in digital currency over the Lunar New Year holiday.
The statement is one of nine statements and orders issued by the Supreme Court as it decides on a lawsuit brought by some governors challenging the presidential order. At the end of 2022, Buhari ordered the withdrawal of the 200, 500 and 1,000 naira notes by January 31, 2021 after the introduction of the new notes which were in short supply.
Described by some governors who opposed it as a "demonetization policy," the directive led to a shortage of paper money, disrupted the financial system and left millions of citizens stranded.
The inability to access cash due to the scarcity of banknotes has also affected many businesses. The existing fixed maximum ATM withdrawal amount of 20,000 naira ($43) has also affected cryptocurrency users in Nigeria looking to change their tokens to fiat currency for local business transactions and everyday spending.
However, this new Supreme Court ruling raises hopes for the availability of cash transactions.
