The Central Bank of Nigeria (CBN) has temporarily withdrawn its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the 2024-2025 fiscal years, citing concerns over misinterpretation by stakeholders. The document, which was published on September 17, 2024, was pulled to prevent further confusion.
In a statement published on its website on Friday, the CBN explained that excerpts from the document were misunderstood by certain media outlets as new policies, when in fact, they were a compilation of previously issued policies and directives valid until December 31, 2023. The statement was not signed by any official from the CBN.
One of the most controversial aspects of the guidelines was the Ways and Means Advances to the Federal Government, which the document stated would be sustained at a 5% limit for 2024-2025. This contradicted a bill passed by the National Assembly, which raised the maximum borrowing percentage to 10%. Another point of contention was the cyber security levy, which had been suspended earlier in 2024 following public backlash, yet appeared reinstated in the guidelines.
Refuting these claims, the CBN clarified that these were older policies that had since been revised or replaced. “The publication is a compilation of previously issued policies and guidelines up to December 31, 2023,” the statement noted. It went on to explain that the guidelines should be viewed as a single reference source and not as new directives.
The CBN also addressed specific misinterpretations, such as media reports linking the fuel subsidy removal to external reserves. The bank explained that these reports missed the analytical basis for the original statement, which highlighted potential risks to be mitigated by policy measures. Furthermore, policies regarding the Naira exchange rate and fiscal directives have since positively influenced the outlook.
