February 16: In recent days there have been violent protests as people fought to get their hands on the newly designed banknotes.
The deadline to turn in the old cash was supposed to be last Friday.
But not enough new notes have been issued, leaving many without cash to pay for vital items.
With elections scheduled for February 25, Mr. Buhari has faced calls to take action to avoid losing votes to the ruling All Progressives Congress (APC).
In a televised speech on Thursday morning, Buhari said the old 200 naira ($0.43; £0.36) notes would remain legal tender for another 60 days.
It also said that old 500 and 1,000 naira notes could be exchanged at the central bank and other designated places until April 10; the previous deadline had expired on February 10.
The president blamed “unscrupulous officials in the banking industry” for the difficulties in implementing the new policy.
“I am deeply saddened and sincerely sympathize with all of you for these unintended outcomes,” Mr. Buhari said.
Nigerians have faced long lines at ATMs, with some sleeping outside banks to try and be first in line to get some cash.
People say they have been forced to skip meals and have been unable to pay for basic services like buses or taxis in a country where cash is still heavily used. It is estimated that 40% of the population does not have access to bank accounts.
The redesign of the currency has also coincided with problems in making digital payments.
In his speech, Mr. Buhari said that the redesign of the currency was aimed at tackling inflation and illicit financial flows, as well as curbing insecurity, especially the financing of “terrorism” and kidnapping for ransom.
He also alluded to concerns that some politicians had hoarded large sums of money ahead of the election to buy votes, saying the currency redesign had put an end to that plan.
Mr. Buhari urged voters to get out and vote in the general election for the candidates of their choice.
He will resign at the end of his two terms. The main contenders for the presidency are APC’s Bola Tinubu and Atiku Abubakar of the People’s Democratic Party (PDP), while Peter Obi of the Labor Party is seen as the wild card in the race.
(BBC)
