The Central Bank of Nigeria (CBN) has temporarily withdrawn its “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines” for the 2024-2025 fiscal years. The document, originally published on Tuesday, September 17, 2024, was revoked to prevent potential misinterpretation that could confuse stakeholders.
The CBN made this announcement in a new statement published on its website on Friday, although it was unsigned by any official. According to the bank, the move aims to minimise the risk of further misrepresentation of the document’s content.
The guidelines had sparked controversy, particularly regarding the CBN’s decision to maintain Ways and Means Advances to the Federal Government at a 5% limit. This stance contradicts a recent bill passed by the National Assembly, which raised the borrowing cap from 5% to 10%.
The CBN clarified that the guidelines should be seen as a record of policies issued up to the end of 2023 and not as new directives. The Bank also urged stakeholders to seek accurate information and pledged to continue providing clear monetary policy direction for the country’s economic stability.
