The Senate has urged the Central Bank of Nigeria, CBN, to “considerably adjust its recent cash withdrawal limit policy in response to public outcry” against the move.
DAILY NIGERIAN reports that the apex bank had issued a directive limiting cash withdrawals to N20,000 daily for Point Of Sale terminals and N100,000 weekly for private individuals.
The policy stipulated N500,000 for organisations and corporate bodies weekly.
Following its consideration and approval of the recommendations on the recent cash withdrawal limit of the CBN on Wednesday, the upper chamber urged the apex bank to considerably adjust the polcy.
While relying on a report by its Committee on Banks, Insurance and other Financial Institutions, the Senate also mandated the committee to “continue to embark on aggressive oversight of the (apex) Bank on its commitment to flexible adjustment of the withdrawal limit and periodically report outcome to the Senate”.
The Senate also resolved to, “support the CBN in the continuous implementation of transformational payments and financial industry initiatives in line with its mandate in accordance with the CBN Act.”
