CBN withdraws monetary guidelines after misinterpretation concerns

The Central Bank of Nigeria (CBN) has withdrawn its recently published Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024–2025 following reports of widespread misinterpretation.

In a statement released on Friday, the CBN explained that the withdrawal is aimed at preventing further confusion among stakeholders.

The policy document, which was originally published on September 17, contained excerpts that sparked controversy.

One of these was a statement that the CBN would sustain its Ways and Means Advances to the Federal Government at a 5% limit, contradicting a National Assembly bill that raised the borrowing limit to 10%.

Another contentious issue was the reintroduction of the cyber security levy, which had been suspended earlier in the year due to public backlash.

However, the CBN clarified that the guidelines were not new policies but a compilation of previously issued directives, effective until December 31, 2023.

“In light of these clarifications, we ask stakeholders to note that some recent media publications referenced outdated policy positions that have since been revised or superseded,” the CBN stated.

The Bank also reiterated its commitment to providing clear monetary policy guidance and urged the public to seek clarification before disseminating information.

This move underscores the CBN’s efforts to ensure accurate interpretation of its policies.