CBN withdraws monetary policy document

The Central Bank of Nigeria says it has temporarily withdrawn the Monetary, Credit, Foreign Trade, And Exchange Policy Guidelines For Fiscal Years 2024 – 2025 document published on Tuesday, September 17, 2024.

It said the revocation of the document is to minimise the risk of any further misrepresentation or misinterpretation, resulting in confusion among stakeholders.

It disclosed this in a new statement published on its website on Friday. The new release was however not signed by any CBN official.

On Tuesday, excerpts of the policy documents stated that the bank will sustain Ways and Means Advances to the Federal Government at a five per cent limit for the fiscal years 2024-2025, contrary to a bill passed by the National Assembly which raised the maximum borrowing percentage in the Act from five per cent to 10 per cent.

Another controversial excerpt was the reinstatement of the cybersecurity levy, which was suspended earlier this year due to serious public backlash.

But refuting these claims, the CBN said the guidelines were misunderstood by some outlets as new policies when, they are a compilation of previously issued policies and directives effective until December 31, 2023.

It also noted that some policies mentioned in the guidelines have been revised or replaced by newer updates.