The Senate has asked the Central Bank of Nigeria (CBN) to considerably adjust its recently announced cash withdrawal limits.
In response to the public outcry against the new policy, the upper chamber, in a resolution during plenary on Wednesday, also asked its Committee on Banking and Finance to embark on aggressive oversight of the apex bank as it implements the policy and give periodic reports to the Senate.
The Senate’s resolution was reached after extensive debate by senators.
According to the lawmakers, the withdrawal threshold set by the CBN is unrealistic considering the economic situation in the country.
They added that the policy will inhibit Nigerians in the informal sector, the unbanked, and those in rural communities.