CBN temporarily withdraws monetary policy guidelines to address misrepresentation concerns

The Central Bank of Nigeria, CBN, has temporarily withdrawn its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on September 17, 2024.

The apex bank clarified that the withdrawal of the document is to minimise the 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 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 In response, the CBN has temporarily withdrawn the document to minimise risk of any further misrepresentation,” the apex bank stated.

As in all previous editions, the CBN pointed out that the current document is intended to achieve the following objectives: “A single reference source for the ease and convenience of stakeholders. A valid compilation of policies, directives, and guidelines for adjudication in conflict situations involving stakeholders. Additional clarification of policies and guidelines”.

It emphasized that 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, noting that “This is stated explicitly in the document to guide stakeholders”.

The CBN stated that “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.

“This is clearly stated in the document as follows: “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 publication further provides the public with avenues for obtaining clarifications on the whole or any part of the document on pages 147 and 148.”

NIGERIAN TRIBUNE