In response to growing instances of misinterpretation, the Central Bank of Nigeria (CBN) has moved swiftly to clarify its biennial Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024-2025, published on September 17, 2024. To prevent any further confusion, the CBN has temporarily withdrawn the document, emphasizing that it serves as a compilation of previously issued policies up to December 31, 2023, rather than new directives.The CBN stresses that the document aims to consolidate existing policies and provide a single reference source for stakeholders. It also serves as a guide for resolving disputes, should any arise, based on the policies and directives issued by the bank up to the cut-off date. The bank reiterated that the guidelines remain relevant only where updates or revisions have not been made post-publication. As stated in the document, amendments to policies will be communicated to stakeholders through supplementary circulars as the domestic and global economies evolve.
Specifically, the CBN pointed out the widespread misreporting of the Cyber Security Levy, which had been suspended in May 2024, after the cut-off date of the guidelines. Yet, some media outlets continue to refer to this suspended directive as if it were still in effect. Additionally, there have been inaccurate reports linking fuel subsidy removal to external reserves, a connection the CBN clarified as misunderstood. The original statement in the guidelines merely highlighted potential risks, which have since been mitigated by recent monetary and fiscal policy changes, positively impacting the naira exchange rate and overall economic outlook.
The CBN underscores that the 2024-2025 Guidelines should be viewed as a record of past policies and not as new instructions. The bank reaffirms its commitment to providing clear and proactive monetary policy directions and encourages stakeholders to seek clarification before publishing any information. Pages 147 and 148 of the document outline avenues for further clarifications, ensuring the transparency of the CBN’s operations.
In light of these clarifications, the CBN calls on stakeholders and media outlets to engage responsibly with the guidelines and avoid perpetuating outdated or incorrect information that could mislead the public. The bank remains dedicated to steering Nigeria’s economy towards growth and stability through well-informed monetary policies.
