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Buhari Extends Cash-Exchange Deadline as Shortage Worsens

  • President agrees to keep some old notes in circulation
  • About $4.6 billion of notes returned to banks, Buhari said
Updated on

Nigerian President Muhammadu Buhari delayed a plan to outlaw some old high-value banknotes to April 10 as the West African nation struggles with a shortage of cash.

The central bank in October announced that it would redesign 200-, 500- and 1,000 naira notes in a bid to mop up excess cash and rein in inflation. That led to a severe shortage of bills and divided the ruling All Progressives Congress, with its presidential candidate, Bola Ahmed Tinubu saying the policy will damage the party’s chances in presidential and legislative elections scheduled for Feb. 25.