Relocation: CBN headquarters currently overpopulated – Cardoso

The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, says the apex bank’s planned relocation of departments and personnel to other branches was a response to the current “overpopulation” at its headquarters.

Cardoso said this in an interview with Arise Television on Monday monitored.

The CBN governor, who said the process was normal for any vibrant entity like a central bank, also added that the move was to align the bank’s structure with its functions and objectives and redistribute skills to ensure a more even geographical spread of talent.

“I think there’s been an attempt to sensationalize what is a normal process for any vibrant entity like a central bank. Bear in mind that, as a national institution, the central bank has a presence in every state of the federation.

“A situation where a large number of technical skills are in one particular location to the detriment of others does not speak well,” he said.

Recall that the CBN’s decision to redeploy over 1,500 personnel from its headquarters to other branches in the country has been met with public outcry.

Although the Northern Elders Forum and some other Northern groups had condemned the move, the implementation of the directive has reduced the headquarters’ occupancy level to 2,733 personnel from 4,233.

The departments relocated by the CBN include Banking Supervision, Other Financial Institutions Supervision, Consumer Protection Department, Payment System Management Department, and Financial Policy Regulations Department.

No comments

Post a Comment

Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)

Advert Enquires - Reach out to us at

© Copyright © 2023 | Your Online Nigerian Newspaper | All Rights Reserved