CBN pulls 2024-2025 policy guidelines over media misrepresentation

The Central Bank of Nigeria (CBN) has withdrawn its recently issued Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for 2024-2025 following widespread media misrepresentation, the bank announced on Friday.

Originally published on September 17, 2024, the document aimed to provide a reference for stakeholders by compiling previous policies up to December 31, 2023.

However, misinterpretations in media reports, including confusion over outdated policies like the now-suspended Cyber Security Levy and the connection between fuel subsidies and external reserves, prompted the CBN to pull the guidelines temporarily.

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In a statement, the CBN clarified that the document is not a new policy framework but a collection of past directives, with amendments open as needed based on economic developments.

The bank emphasized that some of the earlier policies have been revised, especially in light of recent updates, such as those affecting the naira exchange rate.

The apex bank urged stakeholders and the media to seek direct clarifications to avoid further confusion, reiterating its commitment to clear monetary policy direction to support Nigeria’s economy.