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Senate urges CBN to adjust withdrawal limit

The Senate has urged the Central Bank to adjust the withdrawal limits on the cashless policy in response to public outcry.

This was part of the recommendations by the Senate committee on Banking , insurance and other financial institutions.

Presenting the report the Chairman of the committee Senator Uba Sani explained that the actions of the CBN were to sustain an efficient payment system and are not targeted at any segment of the society.

The Senators in their submissions called for more time to allow Nigerians to get used to the policy, and stressed the need for further sensitisation on the policy.

The Senate thereby mandated its Committee to embark on aggressive oversight of the Bank on its commitment to a flexible adjustment of the withdrawal limit.

It also expressed their support for the Bank in the continuous implementation of any payments and financial initiatives that will transform the industry in line with its mandate.

Reporting by Amaka Jones; Editing by Chinasa Ossai, Omotola Oguneye