By kawaekwune Jeffrey
The Central Bank of Nigeria (CBN) has announced its intention to withdraw its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines publication, citing widespread misinterpretation of the document.
The publication was initially meant to be released earlier this week.
However, the apex bank said it will not longer launch the publication citing concerns that certain sections were being misconstrued by the media.
In a statement issued by the CBN, the apex bank emphasized that the document is not a collection of new directives, but rather a compilation of existing policies and circulars issued by the apex bank up to the end of 2023.
The statement reads in part: “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.”
The CBN further explained that some reports mistakenly treated the guidelines as recent policy changes.
In clarifying, the CBN added: “As in all previous editions, 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.”
The CBN assured the public that while the document compiles previous policies, any updates or revisions beyond 2023 will be communicated through supplementary circulars.
“The Guidelines may be adjusted by the CBN without prior notice, to address new developments in the domestic and global economies,” the statement concluded.
