The Senate has asked the Central Bank of Nigeria (CBN) to considerably adjust its recently announced cash withdrawal limits in response to the public outcry against the new policy.

In its resolution, the red chamber also asked its Committee on Banking and Finance to embark on aggressive oversight of the apex bank as it implements the policy and give periodic reports to the Senate.

The Senate’s resolution was reached after an exhaustive debate by the lawmakers who attended Wednesday’s plenary session.

Some lawmakers argued that the withdrawal threshold set by the CBN is unrealistic considering the economic situation in the country.

Some other legislators said they were in support of the policy.