CBN Moves Departments to Lagos to Relieve Congestion at Head Office

Reports indicate that the Central Bank of Nigeria (CBN) is taking steps to alleviate congestion at its head office in the Federal Capital Territory, Abuja, by relocating certain departments to Lagos State, Aso Naija Reports.

According to reports, CBN Governor Yemi Cardoso has identified several departments for transfer. These include the Banking Supervision Department (DBS), the Other Financial Institutions Supervision Department (OFISD), the Consumer Protection Department (CPD), the Payment System Management Department (PSMD), and the Financial Policy Regulations Department (FPRD).

The redeployment is expected to impact a total of 1,533 staff members, as stated by an anonymous source familiar with the matter. The departments in question are pivotal components of the CBN and are specifically mentioned in the Banking and Other Financial Institutions Act (BOFIA).

By decentralizing these departments and relocating them to Lagos, the CBN aims to alleviate congestion and enhance operational efficiency at its head office. This move is likely to facilitate smoother coordination and communication between various branches and departments, ultimately benefiting the overall functioning of the central bank.