Breaking: CBN Withdraws Monetary Guidelines Amid Concerns

The latest business news in Nigeria now is that the Central Bank of Nigeria (CBN) has withdrawn its recently published Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the 2024–2025 fiscal years, following concerns over widespread misinterpretation.

In a statement released on Friday, the CBN explained that the decision to retract the guidelines aims to prevent further confusion among stakeholders.

The policy document, initially published on September 17, sparked controversy due to certain excerpts. Among the contentious points was the CBN’s statement that it would maintain its Ways and Means Advances to the Federal Government at a 5% limit, contradicting a National Assembly bill that raised the borrowing cap to 10%. Another issue involved the reintroduction of the cybersecurity levy, previously suspended following public outcry.

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However, the CBN clarified that these guidelines were not new policies but a compilation of previously issued directives, effective until December 31, 2023.

The Bank urged the public to seek clarification before sharing information and reiterated its commitment to providing clear monetary policy guidance.

This move highlights the CBN’s efforts to ensure accurate interpretation of its policies.