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AP National Business

Nigerian leader defends currency swap as pain, protests grow

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Published 2:17 AM

By CHINEDU ASADU
Associated Press

ABUJA, Nigeria (AP) — Nigerian President Muhammadu Buhari says the country’s redesigned currency would bolster the upcoming presidential election. Also Thursday, he appealed 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. Nigerians have been unable to access cash in recent weeks after the country’s central bank started switching out old currency notes of higher denominations with redesigned ones. Buhari has come under growing pressure to intervene after days of bank attacks. He says he’s “deeply pained” over the fallout but that the change would curb inflation and reduce the influence of money in the Feb. 25 vote to elect his successor.

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