The Central Bank of Nigeria says it has temporarily withdrawn the Monetary, Credit, Foreign Trade, And Exchange Policy Guidelines For Fiscal Years 2024 – 2025 document published on Tuesday, September 17, 2024.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“In response, the CBN has temporarily withdrawn the document to minimise the risk of any further misrepresentation.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.

The ministry of transportation says it will save over 60 percent of its diesel expenses on trains from a retrofitting process that involves converting locomotive engines to using a combination of diesel and liquefied natural gas (LNG).

Sa’id Alkali, minister of transportation, spoke in Abuja on September 19 during a tour of Idu and Kubwa train stations.

“We are focused on reducing operational costs. By using a fuel mix where 70% is LNG and only 30% is diesel, the cost of running the locomotives will be significantly reduced by about 60%,” Alkali said.

The minister said the initiative represents a significant milestone in the conversion of Nigerian Railway Corporation (NRC) locomotives, which he said would lead to substantial savings in operating costs for commercial trains.

He said the retrofitting process will replace the corporation’s 100 percent reliance on diesel.

“By incorporating LNG into the fuel mix, we are drastically cutting costs, and we are committed to ensuring this is fully implemented across the country,” Alkali added.

While the retrofitting is expected to greatly reduce fuel expenses, the minister ruled out the possibility of the locomotives running entirely on LNG.

“These are heavy-duty engines, and while smaller engines like generators or cars can be converted to run fully on LNG or CNG, it is technically impossible to do so with diesel-built locomotive,” he said.

Alkali said once all the locomotives are retrofitted, rail transportation costs would drop significantly.

The Central Bank of Nigeria (CBN) says it has not reintroduced the cybersecurity levy that was previously suspended.

On May 6, the apex bank directed all commercial, merchant, non-interest and payment service banks, mobile money operators, and payment service providers to charge a 0.5 percent cybersecurity levy on electronic transfers.

The CBN later withdrew the directive on May 20, essentially suspending the proposed cybersecurity levy on electronic transfers.

However, reports had claimed that the apex bank reinstated the levy, quoting the CBN’s “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025”.

In a statement on Friday, the apex bank said the guideline was issued before December 31, 2023, adding that its stance on the suspension has not been revised.

“Some recent media publications referencing aspects of the Guidelines refer to policy positions of the Bank issued prior to 31st December 2023, which have changed in the light of revisions and updates in 2024,” the CBN said.

“One example is the Cyber Security Levy, which was suspended in May 2024, superseding the circular reported in the Guidelines.”

CBN said the guidelines “must primarily” be viewed as a record of policies, circulars and directives issued “up to the end of 2023”.

The bank said they are not new directives and should not be reported as such, adding that it would continue to provide clear monetary policy direction and advice for the overall benefit of the economy.