The Central Bank of Nigeria (CBN) has temporarily retracted its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the 2024–2025 fiscal years. The decision was made to address concerns over the misinterpretation and misrepresentation of its contents, especially regarding cybersecurity matters.
In a statement, the CBN clarified that the document, published on September 17, 2024, is a compilation of existing policies up to December 31, 2023, and is not intended to indicate any new policy directions. The bank highlighted that the publication serves as a reference source for stakeholders, consolidating already issued guidelines and directives.
The CBN’s attention was drawn to several media reports that misrepresented certain provisions in the document. As a result, the bank decided to withdraw the publication temporarily to prevent further confusion. “The document is a collection of previously issued policies and guidelines,” a CBN representative stated. “We are withdrawing it to prevent further misinterpretation.”
The bank noted that any updates or amendments to the guidelines made after December 31, 2023, were not included in the publication and would be communicated separately through supplementary circulars. Recent media reports had incorrectly referenced outdated policies, such as the Cybersecurity Levy, which had been suspended in May 2024.
The CBN also addressed confusion surrounding other technical aspects of the guidelines, including the misinterpretation of the removal of the fuel subsidy and its connection to Nigeria’s external reserves. The bank clarified that the original analysis aimed to highlight potential economic risks, which have since been mitigated by recent policy changes.
The CBN urged stakeholders to treat the guidelines as a historical record of policies issued up to the end of 2023 and not as an announcement of new policy directions. The bank reaffirmed its commitment to providing clear and effective monetary policy for the benefit of the Nigerian economy and encouraged stakeholders to seek clarifications directly from the CBN if needed.
The CBN plans to reissue the guidelines after further review and necessary amendments to prevent future misinterpretations, underscoring its emphasis on accuracy and proactive communication.
Credit: Businessday NG (Text Excluding Headline)
