Nigeria's President Muhammadu Buhari has extended by 60 days the deadline for older currency notes to remain legal tender following violent protests over a shortage of cash.
During a nationally televised address early Thursday, Buhari said the 200-naira note would be allowed back into circulation until April 10. The deadline was not extended for the old 500- and 1,000-naira notes.
Buhari said the decision followed consideration of the impact of the currency transition on citizens.
"I'm addressing you to identify with you and express my sympathy over the difficulties being experienced as we continue the implementation of new monetary policies," he said. "I'm not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry. I sincerely sympathize with you all over these unintended outcomes.”
Buhari also pledged a crackdown on anyone trying to sabotage the process.
Nigeria’s central bank introduced a new currency late last year but only gave citizens a few weeks to exchange old bills for the new, sparking outrage.
Buhari maintained that the introduction of the new currency would strengthen the economy, fight insecurity and stifle illicit financial flows and money laundering.
Buhari said more than 80 percent of the $6 billion worth of the old bills formerly in circulation have been recalled so far.
Buhari also said the transition would hinder politicians trying to influence voters with cash gifts before and during the February 25 elections.
'Half bread is better than none'
Abuja resident Abubakar Ismail said he had hoped for better news from the president.
"They should've extended 1,000- and 500-, naira and leave the 200," he said. "Me, personally, I don't think this is a development, but half bread is better than none. The current situation, struggling, trying to get cash, people are not used to it. I don't think it's going to help with the current situation that we're facing now."
Nigeria began circulating the new 1000-, 500- and 200- naira bills in mid-December. The cash shortages have coincided with a shortage of fuel just ahead of the polls, causing heightened tensions.
On Wednesday, protests over the cash squeeze hit four Nigerian states including Edo, Kwara, Delta and Ibadan.
Angry protesters barricaded roads and attacked banks, burning and looting them.
Edo State Police spokesman Chidi Nwabuzor told VOA via phone that the police shot and killed people who were believed to have hijacked the protests.
"The protests had been hijacked by hoodlums," Nwabuzor. "They took to the banks and destroyed the ATMs, even the building, shattered all the glasses and engaged the security forces in a gun duel. In order to repel the attack, unfortunately, two of the hoodlums were hit by bullets."
Nwabuzor said police have restored calm in the affected areas.
Currency concerns reach courts
Meanwhile, Nigeria's Supreme Court Wednesday adjourned by one week a case filed by three state governors to allow the old bills to remain in circulation longer.
During his speech, the president did not mention a court ruling last week in which authorities were asked to temporarily suspend their policies on the new currency.
Recently, the International Monetary Fund urged Nigerian authorities to extend the currency swap deadline.
