The Central Bank of Nigeria (CBN) has temporarily withdrawn its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on September 17, 2024. <\/p>\n
The withdrawal is in response to certain instances of misinterpretation or misrepresentation of
\n the document.
\nThe apex bank took the decision to minimise the risk of any further misrepresentation.<\/p>\n
The CBN reiterated that
\nas it is stated explicitly in the document to guide stakeholders, the publication is a compilation of previously issued policies and guidelines\u00a0issued by the bank\u00a0up to\u00a0a cut-off date, typically\u00a0December\u00a031\u00a0of the relevant year.<\/p>\n
“As in all previous editions, the\u00a0current\u00a0document is intended to achieve the following objectives:
\n1.\u00a0A\u00a0single reference\u00a0source for the\u00a0ease and convenience of stakeholders.\u00a0
\n2.\u00a0A\u00a0valid\u00a0compilation of\u00a0policies, directives, and guidelines for adjudication in conflict situations involving\u00a0stakeholders.\u00a0\u00a0
\n3.Additional\u00a0clarification\u00a0of policies and guidelines,” the bank explained.<\/p>\n
It further stressed that as a compendium of previously issued policies and guidelines, the provisions\u00a0are
\n\u00a0applicable only to the extent that\u00a0there have been no updates or revisions\u00a0to the\u00a0guidelines\u00a0and policies contained therein.\u00a0This is stated explicitly in the document to guide\u00a0stakeholders. \u00a0<\/p>\n
The CBN said that in line with prior editions, the most recent publication\u00a0(January 2024)\u00a0contains policies and guidelines issued by the Bank up to 31st\u00a0December 2023, some of\u00a0which\u00a0will remain relevant during the period 2024\u00a0\u2013 2025.\u00a0<\/p>\n
It however noted that several others\u00a0may\u00a0
\ncease to\u00a0apply owing to revisions or updates that become applicable\u00a0in the aftermath of its publication. \u00a0<\/p>\n
“This\u00a0is clearly stated\u00a0in the document\u00a0as follows:<\/p>\n
\u201cThe Guidelines may be adjusted by the CBN without prior notice, to address new developments in the domestic and global economies in the period. <\/p>\n
However, such amendments shall be communicated to the relevant institutions\/ stakeholders in supplementary circulars\u201d (Page 8, Paragraph 1).<\/p>\n
The publication\u00a0further\u00a0
\nprovides\u00a0the public with\u00a0avenues for obtaining\u00a0clarifications\u00a0
\non the\u00a0whole\u00a0or\u00a0any part of\u00a0the document\u00a0on pages 147 and 148.\u00a0<\/p>\n
“In light of these clarifications, we ask stakeholders to note\u00a0the\u00a0following:
\n“1.\u00a0Some recent media publications referencing aspects of the\u00a0Guidelines\u00a0refer\u00a0to policy positions\u00a0of the Bank\u00a0issued\u00a0prior to 31st December\u00a02023, which\u00a0have\u00a0changed in the light of revisions and\u00a0updates in 2024. <\/p>\n
“One example is the\u00a0Cyber\u00a0Security\u00a0Levy,\u00a0which was suspended in May 2024,\u00a0superseding the circular reported\u00a0in the Guidelines.<\/p>\n
“2.\u00a0Certain\u00a0technical\u00a0
\naspects of the Guidelines have been widely misreported and misrepresented. For example, reports have mistakenly sought to link the fuel subsidy removal to external reserves. Such reports\u00a0essentially missed\u00a0the analytical basis for the\u00a0original\u00a0
\nstatement, which was intended to observe\u00a0a\u00a0potential risk\u00a0that was to be\u00a0mitigated\u00a0by policy.\u00a0<\/p>\n
“More recently,\u00a0policies of the bank around the\u00a0Naira exchange rate and those of the\u00a0fiscal\u00a0authorities
\n\u00a0have positively altered the outlook\u00a0of the subject\u00a0in question.<\/p>\n
“In summary,\u00a0the Guidelines must primarily be viewed as\u00a0a record of\u00a0policies, circulars, and directives issued by the bank up to the end of 2023. <\/p>\n
“They\u00a0are\u00a0not\u00a0new directives\u00a0and should not be reported as such.\u00a0
\nThe bank will continue to provide clear monetary policy direction and advice for the overall good of the economy. <\/p>\n
“We urge all stakeholders to seek clarification of information about the bank before publishing”, the apex bank advised.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 withdrawal is in response to certain instances of misinterpretation or misrepresentation of the document. The apex bank took the decision to minimise the risk of any further misrepresentation. […]<\/p>\n","protected":false},"author":2,"featured_media":6287,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-6286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/6286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/comments?post=6286"}],"version-history":[{"count":1,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/6286\/revisions"}],"predecessor-version":[{"id":6288,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/6286\/revisions\/6288"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media\/6287"}],"wp:attachment":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media?parent=6286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/categories?post=6286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/tags?post=6286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}