Central Bank of Nigeria Relocates Key Departments to Lagos Amidst Mixed Reactions.
In a strategic move to streamline operations and enhance efficiency, the Central Bank of Nigeria (CBN) is set to transfer five crucial departments from its headquarters in the nation’s capital, Abuja, to Lagos. This decision, aimed at decongesting the head office, aligns with building safety standards and seeks to optimize office space.
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The announcement, detailed in a circular dated January 12th from the director of the human resources department to all CBN staff, has sparked diverse reactions among stakeholders. Notably, opposition has arisen from some stakeholders, particularly in the northern region, while others express support for the development.
The affected departments scheduled for relocation from Lagos to Abuja are:
- Banking Supervision
- Other Financial Institutions Supervision
- Consumer Protection Department
- Payment System Management Department
- Financial Policy Regulations Department
Despite the mixed reception, the CBN shows no signs of backtracking on its decision, emphasizing the commitment to the strategic move.
According to reports from The Nation, approximately 1,500 CBN staff are poised to resume duties in Lagos State on February 2nd as part of the relocation plan. This development has faced criticism, yet it continues to progress, with sources within the bank confirming that the move is still in motion.
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“Yes, the plan is still on, and they will resume work by February 2, which is the first week of next month,” stated an official source. Another source revealed that some affected staffers have already initiated the relocation process, noting that over 80 percent of the Banking Supervision Department staff and a similar proportion from the Payment System Department have been redeployed to Lagos.
As the CBN remains resolute in its decision, the relocation serves as a strategic step towards organizational optimization, although the diverse reactions highlight the challenges associated with such transitions.
