*Blames ‘misleading’ reports for decision
*Stakeholders urged to seek further clarifications
The Central Bank of Nigeria (CBN) has temporarily withdrawn its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 due to widespread misinterpretation and misrepresentation.
The CBN urged stakeholders to note that the Guidelines should be viewed as a record of policies, circulars, and directives issued up to the end of 2023, not new directives. In a statement the apex bank shared with The First Mail newspaper in Abuja on Friday, it advised stakeholders to seek clarification on any part of the document, as provided on pages 147 and 148.
The document, published on September 17, 2024, aimed to provide a single reference source for stakeholders, compile policies and guidelines, and offer additional clarification.
According to the CBN, the publication is a compilation of previously issued policies and guidelines up to December 31, 2023.
Some policies remain relevant, while others may cease to apply due to revisions or updates. The Guidelines may be adjusted by the CBN without prior notice to address new developments in domestic and global economies.
Recent media publications have referenced outdated policy positions, such as the Cyber Security Levy, which was suspended in May 2024.
The apex bank also claimed that technical aspects of the Guidelines was misreported, including linking fuel subsidy removal to external reserves. The CBN emphasized that these reports missed the analytical basis for the original statement.
“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.”, the apex bank wrote.
The CBN vowed it would continue to provide clear monetary policy direction and advice for the overall good of the economy.
The CBN asserted that it remained committed to promoting sustainable economic development through effective monetary policy.
