Addressing journalists in the early hours of Saturday, Independent National Electoral Commission (INEC) Chairman Mahmood Yakubu said the delay was needed to hold a free and fair election.
"The commission came to the conclusion that proceeding with the election as scheduled is no longer feasible. Consequently the commissioners decided to reschedule the presidential and national assembly elections to Saturday 23 February 2019," he said.
President Muhammadu Buhari faces a tight election contest in Africa's largest economy, top oil producer and most populous nation against the main opposition candidate, businessman and former vice president Atiku Abubakar.
The country's presidential elections in 2011 and 2015 were also delayed over logistics and security issues.