Central Bank of Nigeria (CBN) has said that it has temporarily withdrawn the Monetary, Credit, Foreign Trade, And Exchange Policy Guidelines for Fiscal Years 2024 – 2025 document published on Tuesday, September 17, 2024.

It said the revocation of the document is to minimise the risk of any further misrepresentation or misinterpretation, resulting in confusion among stakeholders.

It disclosed this in a new statement published on its website on Friday. The new release was however not signed by any CBN official.

On Tuesday, excerpts of the policy documents stated that the bank will sustain Ways and Means Advances to the Federal Government at a five per cent limit for the fiscal years 2024-2025, contrary to a bill passed by the National Assembly which raised the maximum borrowing percentage in the Act from five per cent to 10 per cent.

Another controversial excerpt was the reinstatement of the cybersecurity levy, which was suspended earlier this year due to serious public backlash.

But refuting these claims, the CBN said the guidelines were misunderstood by some outlets as new policies when, they are a compilation of previously issued policies and directives effective until December 31, 2023.

It also noted that some policies mentioned in the guidelines have been revised or replaced by newer updates.

The statement read, “The attention of the Central Bank of Nigeria 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“In response, the CBN has temporarily withdrawn the document to minimise the risk of any further misrepresentation.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.

“As in all previous editions, the current document is intended to achieve the following objectives: A single reference source for the ease and convenience of stakeholders. A valid compilation of policies, directives, and guidelines for adjudication in conflict situations involving stakeholders.”

The bank noted that as a compendium of previously issued policies and guidelines, the provisions apply only to the extent that there have been no updates or revisions to the guidelines and policies contained therein. This, it said, is stated explicitly in the document to guide stakeholders.

“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,” the bank stated.

Continuing, the statement noted that, “In the light of these clarifications, we ask stakeholders to note the following: Some recent media publications referencing aspects of the guidelines refer to policy positions of the bank issued prior to December 31, 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.

“Certain technical aspects of the guidelines have been widely misreported and misrepresented. For example, reports have mistakenly sought to link the fuel subsidy removal to external reserves. Such reports essentially missed the analytical basis for the original statement, which was intended to observe a potential risk that was to be mitigated by policy. More recently, policies of the bank around the naira exchange rate and those of the fiscal authorities have positively altered the outlook of the subject in question.

“In summary, the guidelines must primarily be viewed as a record of policies, circulars and directives issued by the bank up to the end of 2023. They are not new directives and should not be reported as such.

“The bank will continue to provide clear monetary policy direction and advice for the overall good of the economy. We urge all stakeholders to seek clarification of information about the Bank before publishing,” the statement concluded.

CashToken Rewards Africa is transforming the rewards landscape in Nigeria with its groundbreaking loyalty solution that offers customers real, tangible cash rewards.

Unlike traditional reward programs that tie customers to points, vouchers, or discounts, CashToken empowers Nigerians with immediate cash rewards and the chance to win life-changing prizes.

Chief Lai Labode, CEO of CashToken Rewards Africa, emphasized the company’s mission to offer Nigerians greater value for their everyday spending. He stated, “CashToken is designed to give Nigerians what they truly deserve—cash rewards that they can control.

“We believe that every Naira spent should have the potential to bring even more value to our customers’ lives. Whether it’s N6 or N3,000,000, our goal is to make every transaction count. This is what sets CashToken apart from traditional rewards programs. We’re not just building customer loyalty; we’re building a system that puts cash directly in the hands of Nigerians.”

Stella Oshorinde, the Chief Commercial Officer of CashToken Rewards Africa, shared the company’s vision: “We’ve always believed that when it comes to customer rewards, cash stands above all else. For too long, Nigerian consumers have been limited by rewards systems that require them to spend within a business. With CashToken, we offer something different—cash that customers can use however they choose.”

Sterling Bank Limited has migrated to what is believed to be the continent’s first ever indigenous core banking solution called SeaBaaS.

The implementation of SeaBaaS, developed by Peerless, marks the completion of a new banking system announced to customers in August 2024.

According to a statement from the bank, the strategic move positions Nigeria as a leader in digital banking, driven by local talents and cutting-edge technology.

“Leveraging advanced data analytics and artificial intelligence, the system promises to enhance customer experience and operational efficiency, providing smarter, faster financial services” the statement added.

Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company.

He described the development as the start of a new revolution in Africa’s drive for economic self-sufficiency, noting that the intellectual property underpinning SeaBaas will be available to partners across the continent in the coming months.