The Nigerian Senate has called for a review of the cash withdrawal limits policy of Central Bank of Nigeria (CBN), barely 25 days to the January 9 take-off.
The call followed the concern in some quarters over the withdrawal limits of N100,000 per week for individuals and N500, 000 per week for corporate bodies.
The Senate has, therefore, asked for an upward review of the policy.
It warned that the policy, in its present form, could spark unrest and revolt among Nigerians, especially those in the rural areas if not properly managed.
It also directed its Committee on Banking, Insurance and other Financial Institutions to embark on aggressive oversight of CBN to ensure flexible adjustment of the withdrawal limits and to periodically report outcome to the Senate.
The Red Chamber, however, supported the CBN in its continuous implementation of transformational payments and financial industry initiatives.
You will recall, Last week, in its deliberation, the Green Chamber of the National Assembly, the House of Representatives, had called on the apex bank to suspend the policy.
