Owing to several falsehoods in the media, the Central Bank of Nigeria (CBN) has temporarily withheld its 2024–2025 Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines.
The CBN expressed worry about the misreporting of some parts of the guidelines, which has confused stakeholders, in a release issued by the national bank on Friday.
Originally published on September 17, 2024, as part of Monetary Policy Circular No. 45, the document has since been withheld to reduce uncertainty caused by media reports.
The rules, according to the CBN, were misinterpreted as new policies by certain publications, but they actually constitute an aggregation of previously released directives and policies through December 31, 2023.
The bank emphasized that these standards guarantee a clear knowledge of policies and provide adjudication in contentious situations, acting as a reference for stakeholders.
Nonetheless, the CBN pointed out that some of the policies listed in the guidelines had been updated or changed.
“The Central Bank of Nigeria (CBN) has been made aware of some instances of misapplication or misrepresentation of its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines, which was released on September 17, 2024,” the statement stated. In response, in an effort to reduce the possibility of future deception, the CBN has temporarily removed the document.
The apex bank also emphasized that some of the former policy positions stated in the guidelines had been significantly changed by recent modifications to its policies, especially those affecting the naira exchange rate.
The provisions, which constitute a compilation of previously published policies and guidelines, are only applicable to the degree that the policies and guidelines they contain have not undergone updates or changes. To help stakeholders, this is made clear in the document.
As with previous editions, the most current publication (January 2024) includes recommendations and policies that the Bank released up until December 31, 2023, some of which will still be applicable in 2024 and 2025. Nevertheless, a few others could no longer be relevant due to changes or upgrades that are implemented in the aftermath of its publication,” CBN noted.
To prevent such misunderstandings, the CBN advised interested parties and media organizations to speak with the bank directly for explanations prior to publishing any news.
In order to strengthen the Nigerian economy, it also reaffirmed its commitment to provide precise and consistent monetary policy guidance.