CBN reportedly decongests head office, moves departments to Lagos

The Central Bank of Nigeria is reportedly set to transfer some of its departments to Lagos State.

Daily Nigerian reports that the move is aimed at decongesting the apex bank’s head office in the Federal Capital Territory, Abuja.

According to the report, the departments penciled down for relocation by the CBN governor Yemi Cardoso are: Banking Supervision, DBS; Other Financial Institutions Supervision, OFISD; Consumer Protection Department, CPD; Payment System Management Department, PSMD and; Financial Policy Regulations Department, FPRD.

It was also gathered that 1,533 staff would be affected by the massive redeployment.

A source who spoke to the news outlet said: “The affected departments are the major departments of the CBN. They are the only departments mentioned in the BOFIA Act [Banking and Other Financial Institutions Act].”