The Central Bank of Nigeria (CBN) has temporarily withdrawn a policy document titled Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024–2025 that was published on September 17, 2024.
According to the CBN, the decision to revoke the document is to prevent any further confusion or misunderstanding by stakeholders. The announcement was made on the CBN's website on Friday, but no official signed the statement.
The document had sparked controversy due to some of its contents, such as maintaining the 5% borrowing limit for the government, which goes against a law passed by the National Assembly increasing the limit to 10%. Another issue was the return of the cybersecurity levy, which had been suspended earlier due to public backlash.
However, the CBN explained that the guidelines were a collection of previous policies and not new directives. The guidelines cover policies up to December 31, 2023, and some of them have since been updated or replaced.
The CBN emphasized that the guidelines were meant to serve as a reference for stakeholders and urged the public not to misinterpret the document as new policy. The bank also advised the media and stakeholders to seek clarification before making further reports.
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