The Central Bank of Nigeria (CBN) has temporarily withdrawn its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024-2025, citing concerns over widespread misinterpretation and misrepresentation of the document.
In a statement released on Friday, the CBN said the decision was made to prevent further confusion among stakeholders, following the publication of the guidelines on Tuesday, September 17, 2024. The Bank noted that the document had been misunderstood by some media outlets as introducing new policies, when it was in fact a compilation of previously issued directives effective until December 31, 2023.
Among the controversial sections of the document was a statement indicating that the Bank would maintain its Ways and Means Advances to the Federal Government at a 5% limit, despite a recent bill by the National Assembly raising the borrowing limit to 10%. Another contentious point was the reinstatement of the cyber security levy, which had been suspended earlier in 2024 following public backlash.
The CBN refuted these interpretations, clarifying that some of the policies referenced in the guidelines have since been updated or revised. “Some recent media publications referencing aspects of the Guidelines refer to policy positions of the Bank issued prior to 31st December 2023, which have changed in the light of revisions and updates in 2024,” the CBN said.
The Bank also addressed misunderstandings surrounding its position on fuel subsidy removal and its relation to external reserves, noting that certain reports failed to accurately reflect the analytical basis of its original statements.
The statement emphasized that the withdrawn guidelines are not new directives but a record of existing policies, circulars, and guidelines issued before the end of 2023.
The CBN concluded by urging stakeholders to verify information about the Bank’s policies before publication to avoid further misinterpretation.
