Nigeria delays switching from old banknotes to new

Nigeria’s central bank has postponed phasing out old, high-value banknotes for 10 days amid criticism that millions of people have been unable to obtain replacements, putting business activity and livelihoods at risk weeks before presidential elections.

After a meeting with President Muhammadu Buhari on Sunday, central bank governor Godwin Emefiele said the 1,000, 500 and 200 naira banknotes, which were due to be pulled from circulation on January 31 and replaced by more secure designs, would remain legal tender until February 10.