The Central Bank of Nigeria has announced the temporary withdrawal of its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024-2025. This decision, made public on September 17, 2024, aims to reduce the potential for misrepresentation and confusion among stakeholders following reports on the document.
In a recent release, the Central Bank clarified that the guidelines, initially issued, were misunderstood by some as new policies. The bank emphasized that the document is a compilation of previously established policies and directives that remain effective until December 31, 2023.
One contentious aspect of the earlier publication included plans to maintain Ways and Means Advances to the Federal Government at a five percent limit, which contradicts a recent legislative bill raising this limit to ten percent. Additionally, the guidelines included a revival of the cybersecurity levy, previously suspended due to public opposition.
The Central Bank explicitly stated that the guidelines are intended to serve as a comprehensive reference for stakeholders, consolidating prior policies and directives. It was also noted that some policies within the guidelines may have been superseded by more recent updates.
The bank called for all stakeholders to recognize that recent media portrayals misrepresented certain technical aspects of the guidelines, including erroneous connections between fiscal policies and external reserves. Reports on the naira exchange rate and recent fiscal authority measures were also stated to have significantly impacted the outlook on these issues.
The Central Bank reiterated its commitment to clear communication regarding its monetary policy direction and advised stakeholders to seek clarification before issuing reports. The statement underscores the importance of accurately characterizing the guidelines as a record of existing policies rather than new directives.
