Â鶹´«Ã½

Skip to main content

Nigerian leader defends currency swap as pain, protests grow

In this photo released by the Nigeria State House, Nigeria's central bank governor, Godwin Emefile, left, presents the newly designed currency notes to Nigeria's President Muhammadu Buhari, right, during a launch in Abuja, Nigeria, on Nov. 22, 2022. (Sunday Aghaeze / Nigeria State House via AP) In this photo released by the Nigeria State House, Nigeria's central bank governor, Godwin Emefile, left, presents the newly designed currency notes to Nigeria's President Muhammadu Buhari, right, during a launch in Abuja, Nigeria, on Nov. 22, 2022. (Sunday Aghaeze / Nigeria State House via AP)
Share
ABUJA, Nigeria -

Nigerian President Muhammadu Buhari said Thursday that the country's redesigned currency would bolster the upcoming presidential election, appealing for an end to violent protests over a resulting cash shortage that has led to daylong lines at banks, business closures and people unable to pay for basic needs.

As he came under growing pressure to intervene after days of bank attacks by Nigerians who have failed to withdraw their money, Buhari pointed to the expected gains from swapping out the old naira notes, from curbing surging inflation to reducing the influence of money in the Feb. 25 vote to elect his successor.

"This is a positive departure from the past and represents a bold legacy step by this administration towards laying a strong foundation for free and fair elections," Buhari said.

Nigerians have been unable to access cash in recent weeks after the country's central bank started switching out currency notes of higher denominations of 1,000 naira (US$2.16), 500 naira ($1.08), 200 naira (43 U.S. cents) with redesigned ones.

Policymakers said the move will help make Africa's largest economy cashless and more inclusive. But a limited supply of new notes in banks has resulted in pain instead for many who deposited their old currency ahead of a Feb. 10 deadline but are now unable to withdraw cash to use.

The West African country is heavily reliant on cash and only 45% of adults owned a bank account as of 2021, according to the World Bank. The limited supply has forced people to wait in line at banks all day and night to try to withdraw cash only enough to last them a day.

On Wednesday, weeklong protests against the cash shortage crisis further escalated in Nigeria's southern region where two banks were set ablaze and major roads were blocked, halting commercial activities. In Edo state, police fired tear gas at demonstrators as they attacked bank facilities.

In addition to the pain of continued fuel scarcity in major cities across Nigeria, many businesses also have been forced to close, further squeezing the informal economy -- ranging from agriculture to street trade -- that is key to economic growth.

Buhari urged against "violence capable of disrupting the electoral processes" in the election that would see Africa's most populous country elect a new president after his second and final term.

"Unscrupulous officials in the banking industry" sabotaging the court-contested monetary policy by hoarding new currency notes must be prosecuted, said Buhari, who extended the use of the old 200 naira note until April 10. "I am deeply pained and sincerely sympathize with you all over these unintended outcomes."

CTVNews.ca Top Stories

Canadian musician Jacob Hoggard has been found not guilty of sexually assaulting a young woman in northeastern Ontario eight years ago. The former Hedley frontman had pleaded not guilty to sexual assault.

Police have arrested a Toronto woman in connection with three recent homicides and investigators say that they believe two of the victims may have been 'randomly targeted.'

The body of a British Columbia mountain climber has been located and recovered after the 39-year-old man was reported missing during a solo climb on Washington state's Mount Baker earlier this week.

A teen charged with the murder of another teen on Prince Edward Island last year has pleaded guilty to a lesser charge of manslaughter.

A Saskatchewan man living in the United States has pleaded guilty to possessing child pornography after he unknowingly provided disturbing videos to an FBI agent he thought was a pedophile.

Local Spotlight

Chantal Kreviazuk is set to return to Winnipeg to mark a major milestone in her illustrious musical career.

From the beaches of Cannes to the bustling streets of New York City, a new film by a trio of Manitoba directors has toured the international film festival circuit to much pomp and circumstance.

A husband and wife have been on the road trip of a lifetime and have decided to stop in Saskatchewan for the winter.

The grave of a previously unknown Canadian soldier has been identified as a man from Hayfield, Man. who fought in the First World War.

A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.

Moving into the second week of October, the eastern half of Canada can expect some brisker fall air to break down from the north

What does New Westminster's təməsew̓txʷ Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.

The last living member of the legendary Vancouver Asahi baseball team, Kaye Kaminishi, died on Saturday, Sept. 28, surrounded by family. He was 102 years old.

New data from Greater Vancouver and the Fraser Valley shows a surge in supply and drop in demand in the region's historically hot real estate market.

Stay Connected