The Central Bank of Nigeria has announced the temporary withdrawal of its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024-2025.
This decision follows widespread misrepresentations in the media that have led to confusion among stakeholders.
This was disclosed in a statement on CBN’s website on Friday.
According to the statement, the CBN expressed concern over how certain aspects of the guidelines have been misreported, resulting in confusion among stakeholders.
The withdrawal aims to clarify any misunderstandings and ensure accurate communication regarding the bank’s policies.
The CBN clarified that the recently withdrawn Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines were misinterpreted by some media outlets as new policies.
In reality, the guidelines compile previously issued policies and directives effective until December 31, 202
The CBN emphasized that these guidelines serve as a crucial reference for stakeholders, helping to ensure clarity in understanding existing policies and providing a framework for adjudication in case of conflicts.
However, the CBN noted that some policies mentioned in the guidelines have been revised or replaced by newer updates, causing confusion.
The statement read “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 In response, the CBN has temporarily withdrawn the document to minimize risk of any further misrepresentation.
“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.”
The apex bank emphasized that amendments to the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines could occur without prior notice to adapt to emerging developments in the domestic and global economy. To keep stakeholders informed, the CBN will issue supplementary circulars to announce any such changes
The CBN criticized media reports that incorrectly linked certain aspects of the recently withdrawn guidelines, such as the suspended Cyber Security Levy and misinterpretations connecting the removal of fuel subsidies to external reserves.
The bank clarified that these claims were based on outdated or inaccurate interpretations. Additionally, the bank highlighted that recent updates to its policies, including those impacting the naira exchange rate, have significantly revised some earlier positions outlined in the guidelines.
The apex bank noted: “As a compendium of previously issued policies and guidelines, the provisions are applicable only to the extent that there have been no updates or revisions to the guidelines and policies contained therein. This 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 31st December 2023, some of which will remain relevant during the period 2024 – 2025. However, several others may cease to apply owing to revisions or updates that become applicable in the aftermath of its publication.”
The CBN urged stakeholders and media outlets to seek direct clarifications from the bank before publishing reports to prevent further confusion.
It reiterated its commitment to providing clear and consistent monetary policy direction to support the Nigerian economy, emphasizing the importance of accurate communication in fostering understanding of its guidelines and initiatives.
