By Newsshelve Correspondent.
The Central Bank of Nigeria (CBN) has issued a clarification on its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, citing misinterpretation and misrepresentation of the document.
The guidelines, published on September 17, 2024, were temporarily withdrawn to prevent further misrepresentation.
According to the CBN, the publication is a compilation of previously issued policies and guidelines up to December 31, 2023 aiming to provide:
*A Single Reference Source: Easy access to stakeholders
*Valid Compilation: Policies, directives, and guidelines for conflict resolution
*Additional Clarification: Enhanced understanding of policies and guidelines
The CBN emphasizes that the provisions are applicable only to the extent that there have been no updates or revisions.
According to the apex bank, some policies will remain relevant during the 2024-2025 period, while others may cease to apply due to revisions or updates.
In a statement the CBN noted that recent media publications may reference outdated policy positions as technical aspects of the guidelines have been misreported.
It further noted that the Cyber Security Levy was suspended in May 2024, superseding the circular reported in the guidelines adding that fuel subsidy removal and Naira exchange rate policies have been positively altered.
The CBN urges stakeholders to seek clarification before publishing and reassures its commitment to providing clear monetary policy direction for the economy’s overall good.
Comment here