Senate urges CBN to increase individual withdrawal limit to N500,000, offers recommendations

The Nigerian Senate has deliberated on the cash withdrawal limit policy announced by the Central Bank of Nigeria (CBN), offering three recommendations to the financial regulator.

Ripples Nigeria had previously reported that the Senate will meet on Wednesday to debate the report of the Committee on Banking, Insurance, and other Financial Institutions on the cash withdrawal policy.

The committee, led by Senator Uba Sani, had questioned two deputy governors of the CBN last week Thursday and was expected to submit the findings on Tuesday, however, the absence of Sani forced a postponement to December 14.