CBN Clarifies on Policy Guidelines for Fiscal Years 2024- 2025 ( Monetary Policy Circular NO. 45)
The Central Bank of Nigeria (CBN) has clarified on the recent misinterpretation and misrepresentation of Its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, published on September 17, 2024, by some stakeholders. To address the issue, the CBN temporarily withdrew the document to prevent further confusion.
The CBN explained that the guidelines were a compilation of previously issued policies and directives, effective until December 31, 2023, and not new policies. Some policies mentioned had been revised or replaced by newer updates. For instance, the Cyber Security Levy was suspended in May 2024, superseding the circular reported in the guidelines.
Key Points of Clarification:
– Single Reference Source: The guidelines serve as a convenient reference for stakeholders.
– Valid Compilation: A compilation of policies, directives, and guidelines for resolving conflicts.
– Additional Clarification: Provides further clarification on existing policies and guidelines.
The CBN therefore urged stakeholders to note that some media publications referenced outdated policy positions. In addition, technical aspects of the guidelines were misreported, such as linking fuel subsidy removal to external reserves.
The CBN reassures that the guidelines are not new directives and should not be reported as such. Instead, they are a record of policies, circulars, and directives issued up to the end of 2023 ¹ ². The Bank will continue to provide clear monetary policy direction and advice for the overall good of the economy.
To avoid similar misunderstandings in the future, the CBN encourages stakeholders to seek clarification before publishing.
