CBN Withdraws Controversial Policy Guidelines

The Central Bank of Nigeria (CBN) has announced the temporary withdrawal of its recently published Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025.

In a statement released on its website today, the CBN emphasized that the guidelines, published on September 17, were mistakenly seen as new policies rather than a compilation of existing directives effective until December 31, 2023. The CBN noted that excerpts referencing the continuation of the 5% limit on Ways and Means Advances to the Federal Government and the reinstatement of a cyber security levy were misinterpreted.

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“The attention of the Central Bank of Nigeria has been drawn to certain instances of misinterpretation or misrepresentation of its biennial publication,” the statement read. “In response, the CBN has temporarily withdrawn the document to minimize the risk of any further misrepresentation.”

The CBN clarified that the document serves as a reference source for stakeholders, compiling policies and guidelines issued prior to the end of 2023. It stressed that the provisions contained within are applicable only if no updates or revisions have occurred since that date.

Furthermore, the CBN urged stakeholders to seek clarification before publishing information regarding its policies, citing several recent media reports that inaccurately linked the fuel subsidy removal to external reserves and referenced outdated policy positions.

The CBN reaffirmed its commitment to providing clear monetary policy direction and ensuring stakeholders are well-informed.