Venezuelan President Nicolas Maduro extends the deadline to withdraw 100 bolivar notes from Janauary 02 to January 20,2017

Venezuelan President Nicolas Maduro has again extended the deadline to withdraw from circulation the country's most common currency note.

The deadline had been set for 2 January but will now be on January 20,2017

Mr Maduro said he did not want Venezuelans to worry about exchanging the currency near the New Year festivities.

Venezuelans had been initially given 72 hours in mid-December to swap their 100 bolivar notes, sparking chaos.

The borders with Colombia and Brazil were also closed for eight days as part of a coordinated action against what Mr Maduro called "smuggling mafias".

They sell products subsidised by Venezuela's socialist government, including petrol and medicines, at high profit margins.

The  Venezuelan Government last published figures for inflation in December 2015, putting it at 180%, but the International Monetary Fund (IMF) estimates next year's prices will rise by more than 2,000%.

The 100-bolivar note has lost most of its value and is now worth around 2 US cents on the black market.

The Venezuelan economy has been hit hard by the fall in the price of oil, its main source of income. It also has had strict currency controls in place since 2003.