Senate orders CBN to review cash withdrawal limits

The Senate on Wednesday ordered the Central Bank of Nigeria (CBN) to considerably adjust the recent cash withdrawal limits by the apex bank.

The Senate after extensive debate at plenary on Wednesday, in its resolution, also directed its Committee on Banking and Finance to commence aggressive oversight of the CBN as it implements the policy and give periodic reports to the lawmakers.

The lawmakers were of the view that the cash withdrawal limits of the CBN is unrealistic, looking at the economic situation in the country.

Others berated the CBN for not holding wide consultations before the announcement of the policy. The senators pointed out the effect of the withdrawal limits policy on PoS operators and other businesses.