The Central Bank of Nigeria (CBN) has issued a clarification regarding its recently published biennial document on the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for 2024-2025. This move comes in response to reported instances of misinterpretation and misrepresentation of the document, which was published on September 17, 2024. To address these concerns, the CBN has temporarily withdrawn the document to minimize further miscommunication.

In a statement, the CBN emphasized that the document serves as a compendium of previously issued policies and guidelines, and does not introduce any new directives. The purpose of the publication is to provide a single reference source for stakeholders, ensure the consistency of policies, and clarify existing guidelines. As reiterated in the document, the policies outlined are valid only up to December 31, 2023, with revisions or updates expected to follow in the aftermath of the publication.

The CBN also pointed out that some recent media reports misrepresented aspects of the guidelines, particularly around fuel subsidy removal and external reserves. The bank stressed that these reports failed to consider the full analytical basis of the statements made. Additionally, the Cyber Security Levy mentioned in the document had been suspended in May 2024, but was mistakenly reported as still active.

The bank urged stakeholders and the media to seek clarification on any aspects of the document from the relevant sections before publication, and assured the public that the CBN would continue to provide clear direction for Nigeria’s monetary policies.

In conclusion, the CBN reiterated that the 2024-2025 guidelines should be viewed as a record of existing policies, and not as a set of new directives. Further amendments will be communicated through supplementary circulars where necessary.