The Central Bank of Nigeria has announced the temporary withdrawal of the Monetary, Credit, Foreign Trade, And Exchange Policy Guidelines For Fiscal Years 2024 – 2025. The decision was made to prevent any further misrepresentation or confusion among stakeholders. The bank clarified that the guidelines were a compilation of previously issued policies and directives effective until December 31, 2023, and not new policies as some outlets had reported.
Some controversial aspects of the guidelines, such as the limit on Ways and Means Advances to the Federal Government and the reinstatement of the cyber security levy, were misinterpreted. The bank emphasized that certain policies mentioned in the guidelines have been revised or replaced by newer updates.
The bank stressed that the guidelines serve as a reference source for stakeholders and are intended to provide clarity on existing policies and directives. Stakeholders were urged to seek clarification from the bank before publishing any information to avoid misinterpretation.