The Central Bank of Nigeria (CBN) has temporarily withdrawn its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for 2024–2025 due to concerns over misinterpretation, particularly regarding cybersecurity reports.
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 any new policy directions. The bank noted that several media reports misrepresented provisions in the document, prompting the decision to withdraw it to prevent further misunderstanding.
A CBN representative explained, “The publication serves as a reference for stakeholders, reflecting policies issued up to December 31, 2023. Its provisions are only applicable where no updates or revisions have been made since then.” The CBN emphasized that the guidelines were not intended to introduce new policies but to provide a historical record for resolving conflicts and clarifying older policies. Any updates since December 31, 2023, will be communicated separately.
The CBN also addressed confusion caused by outdated media reports. For instance, the Cybersecurity Levy mentioned in the guidelines was suspended in May 2024, making previous references inaccurate. The CBN urged media outlets to recognize such changes in their reporting.
Additionally, the bank clarified misinterpretations linking the removal of the fuel subsidy to Nigeria’s external reserves, stating that the original analysis aimed to highlight potential economic risks, which have since been altered by more recent policies.
The CBN reiterated that stakeholders should view the guidelines as a record of past policies rather than new announcements. It encouraged the public to seek clarifications directly from the bank when needed. Plans to reissue the guidelines with necessary amendments will follow further review to ensure clarity and accuracy in future publications.
