The CBN has temporarily withdrawn the document to minimise risk of any further misrepresentation.
By Saidu Idris
365Daily – The Central Bank of Nigeria (CBN) has temporarily withdrawn its 2024-2025 Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines, citing widespread misrepresentations in the media as the reason.
In an explanation released on Friday, September 20, 2024, the apex bank expressed concern over the misreporting of certain aspects of the guidelines, which led to 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.
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 In response, the CBN has temporarily withdrawn the document to minimise risk of any further misrepresentation.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.
“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,” CBN noted.