CBN withdraws policy guidelines over misinterpretation, other concerns

The Central Bank of Nigeria (CBN) has temporarily withdrawn its biennial Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on 17 September.

It cited instances of widespread misinterpretation and misrepresentation by stakeholders and the media as the reason for the withdrawal.

In a statement issued Friday, the CBN expressed concern over how certain aspects of the publication had been misconstrued, particularly by media outlets reporting on policies that had been updated or rendered obsolete since the cut-off date of 31 December 2023.