The Central Bank of Nigeria (CBN) has temporarily withdrawn its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the years 2024-2025 document following misrepresentations in the media.
In a statement released in Friday 30 September the CBN expressed concerns that some portions of the guidelines were misrepresented leading to some misconstruction.
The policy document was released on September 17 2024 but has been withrawn to douse the confusion triggered by the some media reports.
The guidelines were clearly misconstrued in the reports issued by some media outlets who reported them as fresh policies while in fact they were non-recent policies released since December 2023.
The CBN Talks About Updates to the Policy.
In a statement made available to 9am News Nigeria the CBN stated saying “The attention of the Central Bank of Nigeria (CBN) has been drawn to certain instances of misinterpretation or misrepresentation of its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on September 17, 2024. In response, the CBN has temporarily withdrawn the document to minimize risk of any further misrepresentation.
“As is stated explicitly in the document to guide stakeholders, the CBN reiterates that the publication is 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.”
CyberSecurity Levy
The CBN explained that some media reports incorrectly attributed some elements in the guidelines to the removal of fuel subsidies and the now suspended Cyber Security Levy and these were based on outdated and inaccurate interpretations. The Apex Bank said the updated version of the policy gave more accurate interpretations of happenings such as the high exchange rate of the nara, marking a significant alteration contents in the earlier released policy.
“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.
“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”. The Apex Bank noted.
The CBN encouraged media outlets to seek clarifications of policy documents from the Central Bank before going to press. It is vowed to continue to issue clear and consistent policies for the betterment of Nigeria.
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