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The Central Bank of Nigeria (CBN) has withdrawn its recently released Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines due to widespread misinterpretation. The publication, which was released earlier in the week, has been temporarily retracted to prevent further confusion, the apex bank announced.
The CBN clarified that the document was not intended to introduce new policies, as some media outlets had reported, but rather to serve as a record of previously issued policies, circulars, and directives up to the end of 2023.
In a statement, the CBN said, “The attention of the Central Bank of Nigeria (CBN) has been drawn to instances of misinterpretation or misrepresentation of its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on September 17, 2024. To minimize the risk of further misrepresentation, the CBN has temporarily withdrawn the document.”
The bank explained that the publication is a comprehensive compilation of guidelines and policies, issued by the CBN up to December 31 of the relevant year. These documents serve several key purposes:
- A single reference source for stakeholders’ ease and convenience.
- A valid compilation of policies and guidelines for conflict adjudication.
- Additional clarification of existing policies and guidelines.
The CBN emphasized that the document is applicable only to the extent that no updates or revisions have been made to the guidelines. The publication contains policies relevant up to December 31, 2023, and is designed to guide stakeholders in 2024 and 2025. However, it notes that some of these policies may cease to apply following revisions or updates.
The CBN reiterated, “The Guidelines may be adjusted by the CBN without prior notice, to address new developments in the domestic and global economies. Any amendments will be communicated to the relevant stakeholders in supplementary circulars.”
The CBN also urged the public to seek clarification on any aspect of the guidelines, which can be found on pages 147 and 148 of the document.
Furthermore, the CBN addressed recent media reports that misinterpreted certain policies from the guidelines. For example, the Cybersecurity Levy, which was mentioned in the document, was suspended in May 2024, a change not reflected in the compilation. Additionally, reports inaccurately linking the fuel subsidy removal to external reserves missed the original analytical context provided by the CBN, which was meant to highlight a potential risk to be mitigated by policy.
“In summary, the Guidelines should be viewed as a record of policies issued by the CBN up to the end of 2023. They do not represent new directives and should not be reported as such,” the bank stressed.
The CBN concluded by reaffirming its commitment to providing clear monetary policy direction for the benefit of Nigeria’s economy and encouraged stakeholders to verify information with the CBN before making public statements.
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