Nigerian President Muhammadu Buhari delayed a plan to outlaw high-value notes to April 10 as the nation struggles with a shortage of the new currency.
The central bank in October announced that it would redesign its highest-value banknotes in a bid to mop up excess cash and rein in inflation. That led to a severe cash shortage earlier this year and divided the ruling All Progressives Congress, with its presidential candidate, Bola Ahmed Tinubu, and allies saying the policy will damage the party’s chances in presidential and legislative elections scheduled for February 25.
The government will ensure “Nigerians aren’t unnecessarily burdened,” Buhari said in a speech. The central bank “will ensure new notes are more accessible”
The move to limit cash has disrupted everyday life throughout Africa’s most populous nation, where only 60% of households have access to a bank account, a figure that falls to 41% in rural areas.
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