The Central Bank of Nigeria (CBN) has temporarily withdrawn its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024-2025 document following widespread media misrepresentations.
This is according to a statement by the apex bank. the CBN expressed concern over how certain aspects of the guidelines have been misreported, resulting in confusion among stakeholders.
The document, issued as part of Monetary Policy Circular No. 45, was originally published on September 17, 2024, but has since been pulled back to minimize confusion caused by media reports.
According to the CBN, the guidelines were misunderstood by some outlets as new policies.
Noting that, it’s represent a compilation of previously issued policies and directives up to December 31, 2023.
The bank stressed that these guidelines serve as a reference for stakeholders, ensuring a clear understanding of policies and offering adjudication in cases of conflict.
However, the CBN noted that some policies mentioned in the guidelines have been revised or replaced by newer updates, causing confusion.
The CBN urged stakeholders and media outlets to seek clarifications directly from the bank before publishing reports to avoid further confusion. It also reiterated its commitment to providing clear and consistent monetary policy direction to support the Nigerian economy.
