CBN withdraws document, cites misrepresentation of cybersecurity reports

The Central Bank of Nigeria (CBN) has temporarily withdrawn its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024–2025 due to concerns over misinterpretation and misrepresentation of its contents, particularly about cybersecurity reports.

The CBN released a statement clarifying that the document is a compilation of existing policies up to a specific cut-off date and not an indication of new policy directions.

The bank’s attention was drawn to several media reports that misrepresented certain provisions in the document, which was published on September 17, 2024. To prevent further misunderstanding, the CBN decided to withdraw the document temporarily. In the statement, the CBN emphasised that the publication is intended to serve as a single reference source for stakeholders, helping them navigate policies that have already been issued up to December 31, 2023.

“The document is a compendium of previously issued policies and guidelines,” a CBN representative explained. “Its provisions are applicable only in cases where no updates or revisions have been made since its cut-off date. This is clearly stated to guide stakeholders, and we are withdrawing it to ensure no further misrepresentation occurs.”

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According to the CBN, the 2024–2025 guidelines were never meant to introduce new policies but to serve as a historical record for adjudicating conflicts and clarifying older policies. The CBN pointed out that any updates or amendments to the guidelines and policies since December 31, 2023, were not reflected in the publication and would be communicated separately in supplementary circulars.

The bank also highlighted that some media outlets had mistakenly reported on outdated policies, leading to confusion. For instance, recent reports about the Cybersecurity Levy were misleading. The CBN noted that the Cybersecurity Levy, which had been referenced in the guidelines, was suspended in May 2024, rendering the older circular no longer applicable.

“Some recent media publications referenced policies issued before December 31, 2023, without acknowledging subsequent changes,” the CBN said in its statement. “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 CBN also addressed confusion surrounding other technical aspects of the guidelines. Reports had erroneously linked the removal of the fuel subsidy to Nigeria’s external reserves, misinterpreting the original analysis. The CBN clarified that its initial statement was meant to observe a potential risk to the economy that could be mitigated by policy changes, but more recent monetary and fiscal policies had significantly altered that outlook.

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“Technical details have been misreported, such as in the case of fuel subsidies and their connection to external reserves. This misinterpretation overlooks the original intent of the policy analysis, which was merely to highlight a risk and suggest possible mitigation measures,” a bank official explained.

The CBN urged stakeholders to treat the guidelines as a record of policies and directives issued up to the end of 2023, rather than as new policy announcements. The bank reaffirmed its commitment to providing clear and effective monetary policy for the benefit of the Nigerian economy, and it encouraged the public and stakeholders to seek clarifications directly from the CBN when in doubt.

“These are not new directives,” the statement reiterated. “We will continue to provide clear monetary policy direction for the good of the economy. We advise stakeholders to consult us for clarification before disseminating any information related to our policies.”

The CBN plans to reissue the guidelines with any necessary amendments after conducting further reviews to prevent future misinterpretations. The withdrawal of the current document underscores the bank’s emphasis on accuracy and its proactive approach to addressing any public confusion that might arise from its publications.