The Central Bank of Nigeria (CBN) has temporarily withdrawn its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024–2025 due to concerns over potential misinterpretation and misrepresentation, particularly regarding the Cybersecurity Levy.
In a statement, the CBN clarified that the document, released on September 17, 2024, is a compilation of existing policies up to a specific cut-off date and does not signal new policy directions.
The apex bank noted that it had received numerous media reports misrepresenting certain provisions within the guidelines, prompting the decision to withdraw the document temporarily to prevent further misunderstanding.
The bank pointed out that some media outlets had reported outdated policies, leading to confusion. For example, recent discussions regarding the Cybersecurity Levy were misleading.
The bank indicated that this levy was suspended in May 2024, making previous references in the guidelines obsolete.
“Some recent media publications referenced policies issued before December 31, 2023, without acknowledging subsequent changes.
“One such example is the Cybersecurity Levy, which was suspended earlier this year, but this wasn’t reflected in the initial guidelines because of the cut-off date,” the bank explained.
The statement further addressed confusion surrounding technical aspects of the guidelines. It noted that some reports incorrectly linked the removal of the fuel subsidy to Nigeria’s external reserves, misinterpreting the original analysis.
The CBN clarified that its initial observations were intended to highlight potential economic risks and suggest possible mitigation measures, which had evolved due to more recent monetary and fiscal policies.
The apex bank urged stakeholders to view the guidelines as a record of policies up to December 31, 2023, rather than as announcements of new policies.
The bank reaffirmed its commitment to providing clear monetary policy and encouraged the public to seek clarifications directly from the CBN when uncertain.
“These are not new directives,” the statement insisted.
“We will continue to provide clear monetary policy direction for the good of the economy. We advise stakeholders to consult us for clarification before disseminating any information related to our policies,” it added.