The Central Bank of Nigeria (CBN) has announced the temporary withdrawal of its “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024 – 2025.” This decision, which comes after concerns over the misrepresentation and misinterpretation of the document, was disclosed in a statement published on the CBN’s website on Friday, September 20, 2024.

The now-revoked guidelines, initially published on September 17, 2024, contained excerpts that sparked controversy. One point of contention was the provision to continue the Ways and Means Advances to the Federal Government, capped at 5%—a limit which contradicted the National Assembly’s recent legislation raising the borrowing threshold to 10%.

Additionally, the document’s mention of reinstating the previously suspended cybersecurity levy also triggered public concern, especially as it had faced widespread backlash earlier this year.

In its Friday statement, the CBN clarified that the guidelines were not new directives but rather a compilation of previously issued policies that remained effective until December 31, 2023. It stressed that several policies mentioned in the guidelines had since been updated or revised in 2024.

“The attention of the Central Bank of Nigeria has been drawn to instances of misinterpretation or misrepresentation of its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines,” the CBN’s statement read. “In response, the CBN has temporarily withdrawn the document to minimise the risk of any further misrepresentation.”

The CBN explained that the publication, like previous editions, serves as a reference tool for stakeholders, consolidating existing policies up to a cut-off date, typically December 31 of the relevant year. The bank reiterated that any new policies or changes made in 2024 would supersede those listed in the document.

Notably, the statement highlighted instances where the guidelines had been misreported, such as claims linking fuel subsidy removal to external reserves or outdated references to the cybersecurity levy, which had been suspended in May 2024.

The CBN urged stakeholders and media outlets to seek clarifications before publishing reports about the bank’s policies, emphasizing that its guidelines are a historical record of policy decisions made up to the end of 2023.

The statement concluded by reassuring the public of the CBN’s commitment to providing clear monetary policy guidance for the benefit of Nigeria’s economy.