The Central Bank of Nigeria (CBN) has retracted its recently issued Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines, released earlier this week, due to widespread misinterpretation. In a statement issued this morning, the CBN clarified that the document was a compilation of previously issued policies and directives up to the end of 2023, not new regulations, as misreported by some media outlets.
The CBN explained, “The attention of the Central Bank of Nigeria has been drawn to certain instances of misinterpretation of its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on September 17, 2024." The bank emphasized that the publication serves as a record of existing policies to guide stakeholders, rather than introducing new measures.
The document, according to the CBN, was meant to provide a single reference point for stakeholders, clarify existing policies, and resolve potential conflicts. It also highlighted that while many of the policies remain applicable for 2024–2025, some may be subject to updates. A key example given was the suspension of the Cyber Security Levy in May 2024, a development that supersedes what is recorded in the guidelines.
The CBN also addressed media misrepresentations, such as incorrect links between the fuel subsidy removal and external reserves. It urged stakeholders to consult the bank directly for clarification before publishing information.
In summary, the CBN reiterated that the guidelines are not new directives and should be viewed in the context of previously issued policies.
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