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Nigerian leader defends pain of currency swap, protests mount – Zimbabwe Post

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President of the Federal Republic of Nigeria Muhammadu Buhari

ABUJA, Nigeria (AP) — Nigerian President Muhammadu Buhari said Thursday that the country’s redesigned currency will support the upcoming presidential election, calling for an end to Violent protests over resulting cash shortage This has led to long queues at banks, business closures and people being unable to pay for basic needs.

He faces mounting pressure to intervene after days of Nigerians raiding banks withdrawal failedBuhari pointed to the expected benefits of swapping out old naira notes, from curbing soaring inflation to reducing the Vote for his successor on February 25.

“This is a positive departure from the past and represents a bold step by this administration to lay a solid foundation for free and fair elections,” Buhari said.

Nigerians have no cash In recent weeks, after the country’s central bank began swapping higher-denomination notes such as 1,000-naira ($2.16), 500-naira ($1.08), and 200-naira ($43 cents) for redesigned notes.

Policymakers say the move will help make Africa’s largest economy cashless and more inclusive. But the limited supply of new banknotes from banks is causing distress to many who deposited old currency before the Feb. 10 deadline but are now unable to withdraw cash to use it.

The West African country relies heavily on cash, with only 45% of adults having a bank account by 2021, according to the World Bank. Limited supplies have forced people to wait in line at banks around the clock, trying to withdraw just enough cash to last them a day.

A week of protests over the cash crunch escalated in southern Nigeria on Wednesday, with two banks set on fire, major roads blocked and businesses halted. In Edo state, police fired tear gas at demonstrators as they stormed bank facilities.

Adding to the pain of persistent fuel shortages in Nigeria’s major cities, many businesses have also been forced to close, further squeezing the informal economy — from farming to street trade — that is key to economic growth.

Buhari urged Africa’s most populous country to oppose “violence capable of derailing the electoral process” in elections to pick a new president after his second and final term.

Buhari said “unscrupulous officials of the banking industry” must be prosecuted for undermining the court’s controversial monetary policy by hoarding the new banknotes, and he extended the expiration of the old 200-naira note until April 10. “I am deeply distressed and sincerely sympathize with you as you have gone through these unintended outcomes.”

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