The Central Bank of Nigeria (CBN) has issued clarifications regarding its "Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025," which was published on September 17, 2024. In a statement on Friday, the CBN announced that it has temporarily withdrawn the document to prevent misinterpretation and confusion among stakeholders.

The bank explained that the guidelines are a compilation of existing policies up to December 31, 2023, not new directives. Some media outlets had misreported aspects of the document, leading to confusion, particularly on issues like the Cyber Security Levy and the connection between fuel subsidy removal and external reserves.

The CBN emphasized that the guidelines are meant to provide a reference for stakeholders and that revisions may occur as necessary. It urged stakeholders to seek clarification before reporting on CBN policies to avoid further misinterpretation.

This clarification followed concerns over the bank's intention to maintain its Ways and Means Advances to the Federal Government at a 5% limit, which contradicts a National Assembly bill that raised the borrowing cap to 10%.