CBN withdraw monetary policy guidelines over misrepresentation
Omeiza Bilal
The Central Bank of Nigeria says it has withdrawn the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines it published September 17, 2024.
In a statement on Friday, the Apex Bank said its action followed misrepresentation of the guidelines.
According to the regulator, the document which was intended to give additional clarification of policies and guidelines no longer serves its purpose.
“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“In response, the CBN has temporarily withdrawn the document to minimise risk of any further misrepresentation.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.
“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,” it said.
The Apex Bank pointed out that the Guidelines may be adjusted by the CBN without prior notice, to address new developments in the domestic and global economies in the period. However, such amendments shall be communicated to the relevant institutions/ stakeholders in supplementary circulars” (Page 8, Paragraph 1).
The Bank, therefore urged stakeholders to note that “Some recent media publications referencing aspects of the Guidelines refer to policy positions of the Bank issued prior to 31st December 2023, which have changed in the light of revisions and updates in 2024. One example is the Cyber Security Levy, which was suspended in May 2024, superseding the circular reported in the Guidelines.
The Bank therefore assured that it 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.
