The Central Bank of Nigeria (CBN) has made a surprise move by temporarily withdrawing its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines publication amid controversies.
The decision comes after the guidelines, which outlined the bank’s policy direction for the fiscal years 2024-2025, were met with widespread criticism from stakeholders. The CBN’s monetary policy guidelines are crucial in shaping the country’s economic trajectory, and the withdrawal of the publication has significant implications for the economy.
CBN disclosed this in a statement on Friday while expressing concerns over misreporting and 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 minimise confusion by media reports.
According to the CBN, the guidelines were misunderstood by some outlets as new policies when, in fact, they 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 apex bank noted that some policies mentioned in the guidelines have been revised or replaced by newer updates.
The statement read, “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 In response, the CBN has temporarily withdrawn the document to minimise risk of any further misrepresentation.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.”
The CBN stressed that amendments could be made to these guidelines without prior notice to address emerging developments in both the domestic and global economy, with supplementary circulars issued to notify stakeholders of any such changes.
The CBN emphasised that media reports erroneously linking aspects of the guidelines, such as the now-suspended Cyber Security Levy or misrepresentations tying the removal of fuel subsidies to external reserves, were based on outdated or incorrect interpretations.
The apex bank also underlined that recent updates to its policies, including those affecting the naira exchange rate, have significantly altered some of the earlier policy positions contained in the guidelines.
“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 Bank will continue to provide clear monetary policy direction and advice for the overall good of the Economy. We urge all stakeholders to seek clarification of information about the Bank before publishing,”