CBN headquarters overpopulated, says Cardoso

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

Speaking in an interview with Arise Television, which was monitored by TMY Newspapers, the CBN governor, who said the process was normal for any dynamic entity like a central bank, 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,” said Cardoso.

TMY Newspapers recalls that the CBN’s decision to redeploy over 1,500 personnel from its headquarters to other branches in the country has generated outcry from the populace.

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.

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