THE Central Bank of Nigeria (CBN) has withdrawn the ‘Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines’ claiming instances of misrepresentation of the document.
The document was published by the CBN on September 17.
Many media platforms have exhumed topical issues from the document and reported on them.
The issues reported include the controversial cyber security levy which the apex bank reduced to 0.005 per cent in the recent guidelines, and the fuel subsidy removal to external reserves.
The ICIR observed the CBN hurriedly deleted the guidelines barely 24 hours after releasing the document for public consumption.
In a statement on Friday, September 20, unusually not signed by any of its directors, CBN claimed the guidelines had been misrepresented, as it was dated back to December 2023, and some of the policies were no longer invoked.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to certain instances of misinterpretation or misrepresentation of its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on September 17, 2024. In response, the CBN has temporarily withdrawn the document to minimize risk of any further misrepresentation.”
“In response, the CBN has temporarily withdrawn the document to minimise risk of any further misrepresentation.
“As is stated explicitly in the document to guide stakeholders, the CBN reiterates that the publication is a compilation of previously issued policies and guidelines issued by the Bank up to a cut-off date, typically December 31 of the relevant year.”
According to the CBN, as in all previous editions, the current document is intended to achieve a single reference source for the ease and convenience of stakeholders, valid compilation of policies, directives, and guidelines for adjudication in conflict situations involving stakeholders, and clarifies its policies and guidelines.
However, it is unclear why the apex bank would publish a policy document that can no longer be referenced, raising concerns about why CBN had to publish outdated policies in the withdrawn guideline.
The acting director of corporate communications, Sidi Hakama, did not pick up her calls or respond to messages as to why the CBN published a policy guideline for public consumption, knowing that recent policies have overtaken it.
The ICIR reported in May that CBN introduced a cyber security levy of 0.005 per cent but was greeted by public outcry leading to its suspension by President Bola Tinubu.
At no time has CBN proposed a 0.005 per cent of the levy to public knowledge and reported in the media before publishing the withdrawn document, The ICIR can report.
In a bit to further explained, CBN says in line with prior editions, the most recent publication (January 2024) contains policies and guidelines issued by the Bank up to December 31, 2023, some of which will remain relevant during the period 2024 – 2025.
It said, however, that several other policies in the guidelines may cease to apply owing to revisions or updates that become applicable in the aftermath of its publication.
“The Guidelines may be adjusted by the CBN without prior notice, to address new developments in the domestic and global economies in the period.
“However, such amendments shall be communicated to the relevant institutions/ stakeholders in supplementary circulars” (Page 8, Paragraph 1), CBN asserted.
“Some recent media publications referencing aspects of the Guidelines refer to policy positions of the Bank issued before 31st December 2023, which have changed in the light of revisions and updates in 2024.
“One example is the Cyber Security Levy, which was suspended in May 2024, superseding the circular reported in the Guidelines,” CBN said.
The apex bank added that the withdrawn guidelines must primarily be viewed as a record of policies, circulars and directives issued by it up to the end of 2023, admitting that guidelines are not new directives and should not be reported as such.