The Central Bank of Nigeria (CBN) has been asked by the Senate to adjust the cash withdrawal limit policy after a delayed plenary session on Wednesday.
In its decision, the upper chamber also instructed its Committee on Banking and Finance to begin an aggressive oversight of the apex bank in the policy implementation while giving reports to the Senate.
The decision was reached after an exhaustive session during which lawmakers argued that the recent CBN policy is unrealistic considering the economic situation in the country.
The apex bank was criticised for not being consulted on the policy before its disclosure and the issue of Point of Sale (PoS) operators being put out of business was also raised.
Additionally, some of the lawmakers expressed concerns over the adverse effects of the policy on citizens in the informal sector, the unbanked, and those in rural communities.
The latest development comes amid the backlash trailing the policy as the debate on whether or not it should be implemented continues.
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