The Central Bank of Nigeria (CBN) has said that it cannot print adequate naira notes to replace the old N200, N500 and 1,000 notes because the Nigerian Security Printing and Minting Plc (The Mint) is suffering from capacity constraints.
The CBN Governor, Godwin Emefiele, stated this on Friday when he briefed the emergency meeting of the National Council of State.
President Muhammadu Buhari convened the meeting to discuss issues of national importance among which is the threats posed by the shortage of naira.
There are reports of social disobedience at many banks, a development forcing banks to shut down across the country.
Protests have been recorded in some parts of the country, including in Ogun, Oyo and Akwa Ibom states.
Some state governors have since sued the federal government and the CBN.
The CBN had extended deadline by 10 days, which expired on Friday, February 10.