Nigerian leader defends currency swap as pain, protests grow

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