The Central Bank of Nigeria (CBN) has temporarily withdrawn the document on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 published on September 17, 2024.
CBN, in a statement on Friday explained that the document was grossly misinterpreted, consequently, was withdrawn to minimise risk of any further misrepresentation.
The apex bank reiterated that as was stated explicitly in the document to guide stakeholders, the publication was 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.
It noted that as in all previous editions, the current document was 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, and Additional clarification of policies and guidelines.
It said, 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.
CBN said, 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.
It said, 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. One example is the Cyber Security Levy, which was suspended in May 2024, superseding the circular reported in the Guidelines.
The bank said, certain technical aspects of the Guidelines have been widely misreported and misrepresented.
For example, it said, the “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”, it said.
CBN noted that “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”.
Assuring that it would continue to provide clear monetary policy direction and advice for the overall good of the Economy, urging all stakeholders to seek clarification of information about the Bank before publishing.
