CBN withdraws monetary guidelines due to misinterpretation concerns

The Central Bank of Nigeria (CBN) has retracted its recently issued Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the 2024–2025 fiscal years due to widespread misinterpretation.

In a statement released on Friday, the CBN explained that the decision to withdraw the document was made to prevent further confusion among stakeholders.

The guidelines, initially published on September 17, contained statements that stirred controversy. Among them was a claim that the CBN would continue its Ways and Means Advances to the Federal Government with a 5% borrowing limit, which contradicts a recent National Assembly bill that raised the limit to 10%.

Another contentious point was the reintroduction of a cybersecurity levy, which had been suspended earlier in the year following public opposition.

However, the CBN clarified that these guidelines were not new policies but a consolidation of previously issued directives, valid through December 31, 2023.

The CBN urged stakeholders to note that some recent media reports were based on outdated policy positions that have since been revised or replaced.

Reaffirming its commitment to clear monetary policy communication, the CBN encouraged the public to seek clarification before spreading information. This move highlights the bank’s efforts to ensure its policies are accurately understood.