CBN withdraws controversial monetary policy document

In the face of the confusion and controversy it has generated among stakeholders, the Central Bank of Nigeria (CBN) has withdrawn the Monetary, Credit, Foreign Trade, And Exchange Policy Guidelines For Fiscal Years 2024 to 2025 document published on Tuesday, September 17, 2024.
The apex bank said the revocation of the document is to minimize the risk of any further misrepresentation or misinterpretation resulting in confusion among stakeholders.
CBN disclosed this in a statement published on its website on Friday. The new release was, however, not signed by any of the bank’s 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 percent 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 percent to 10 percent.
Another controversial excerpt was the reinstatement of the cybersecurity levy 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.
The statement read, “The attention of the Central Bank of Nigeria has been drawn to certain instances of misinterpretation or misrepresentation of its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on September 17, 2024.
“In response, the CBN has temporarily withdrawn the document to minimize the risk of further misrepresentation. As is stated explicitly in the document to guide stakeholders, the CBN reiterates that the publication is a compilation of previously issued policies and guidelines issued by the bank up to a cut-off date, typically December 31 of the relevant year.”