CBN Withdraws 2024-2025 Policy Guidelines Over ‘Misrepresentation’

The Central Bank of Nigeria (CBN) has temporarily withdrawn its publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024-2025.

In a statement released by the apex bank, this is due to concerns following what it termed “misrepresentation” and “misinterpretation” within certain provisions contained in the guidelines by some unnamed media outlets, particularly on the Cybersecurity Levy.

Clarifying what led to the “misrepresentation” and “misinterpretation,” CBN cited a compilation of previous policies and guidelines issued on September 17, 2024.

The apex bank added, “In line with prior editions, the most recent publication (January 2024) contains policies and guidelines issued by the Bank up to 31st December 2023, some of which will remain relevant from 2024 – 2025.”

Highlighting more clarification, CBN revisited its statement contained in the guidelines, stating that it is subject to adjustment without prior notice.

The guidelines may be adjusted by the CBN without prior notice to address new developments in the domestic and global economies during the period. However, such amendments shall be communicated to the relevant institutions/stakeholders in supplementary circulars (Page 8, Paragraph 1),” the statement reads.

Citing further clarifications, CBN noted that the misrepresented Cybersecurity levy was suspended in May 2024, in effect to the previous adjustment referenced.

One such example is the Cybersecurity Levy, which was suspended earlier this year, but this wasn’t reflected in the initial guidelines because of the cut-off date,” the bank explained.

While CBN further addressed technical aspects of the guidelines, it noted that its initial observations were intended to highlight potential economic risks and suggest possible mitigation measures, which had evolved due to more recent monetary and fiscal policies.

“They are not new directives and should not be reported as such,” it added.

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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