The Central Bank of Nigeria (CBN) has announced a temporary withdrawal of the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024–2025, which were initially published on September 17, 2024.
This decision comes amid ongoing debates regarding the bank’s proposed policies and their alignment with recent legislative changes.
The original policy documents indicated that the CBN intends to maintain its Ways and Means Advances to the Federal Government at a limit of 5 percent for the upcoming fiscal years.
This stance directly opposes a bill recently approved by the National Assembly, which raised the maximum borrowing threshold from 5 percent to 10 percent, highlighting a significant divergence between the CBN’s monetary policy objectives and legislative actions.
Another point of contention in the withdrawn guidelines was the reintroduction of a cybersecurity levy. This levy had been suspended earlier this year following widespread public backlash.
The proposed levy raised concerns among various stakeholders about its potential implications on businesses and individuals, prompting the CBN to reconsider its position.
The withdrawal of the policy guidelines underscores the complexities faced by the CBN as it navigates the challenging landscape of economic governance in Nigeria, balancing its objectives with legislative frameworks and public sentiment. Further discussions are expected as the bank seeks to address the criticisms and align its policies with national interests.
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