Central Bank Clears Air With The Release Of Its Policy Documents
This was revealed in a fresh statement that it posted on its website on Friday.
The apex bank also withdrew the document, according to the statement, adding that this action was taken to reduce the possibility of future misrepresentations or misunderstandings that may confuse stakeholders.
The statement read, “The Central Bank of Nigeria (CBN) has received reports of misrepresentations or misinterpretations of its biannual publication on guidelines for monetary, credit, foreign trade, and exchange policy, which was released on September 17, 2024.
In response, in an effort to reduce the possibility of future deception, the CBN has temporarily removed the document.
“The CBN reiterates that the publication is a compilation of previously issued policies and guidelines issued by the Bank up to a cut-off date, typically December 31 of the relevant year, as is stated explicitly in the document to guide stakeholders.
“The current document, like all prior iterations, aims to accomplish the following goals: For the convenience and ease of stakeholders, a single point of reference. a reliable list of rules, regulations, and recommendations for decision-making in stakeholder conflicts.
Further elucidation of guidelines and policies.The provisions, which are a compilation of previously published policies and guidelines, are only valid to the degree that the policies and guidelines they contain have not undergone updates or revisions.
“The Guidelines may be adjusted by the CBN without prior notice, to address new developments in the domestic and global economies during the period,” the paper states unequivocally. However, supplemental circulars will be used to notify the pertinent institutions and stakeholders of these revisions (Page 8, Paragraph 1).
References and Citation
channelstv.com – CBN Clarifies Controversy Over Policy Document
frcnorthcentral.ng – CBN Clarifies Controversy Over Policy Document
premiumtimesng.com – CBN withdraws policy guidelines over misinterpretation, other concerns
insidebusiness.ng – CBN Clarifies Controversy Over Policy Document
