The Central Bank of Nigeria (CBN) is relocating over 1,500 staff from its headquarters to its Lagos office, citing reasons such as staff safety, increased productivity, and decongestion.
The move includes departments like Banking Supervision, Other Financial Institutions Supervision, Consumer Protection, Payment System Management, and Financial Policy Regulations.
The decision has faced criticism, but the CBN justifies it by aligning the bank's structure with its functions, redistributing skills, and complying with building regulations.
Despite opposition, CBN Governor Yemi Cardoso proceeds with the plan to reduce HQ occupancy and optimize operational efficiency.
Critics express concerns about increased costs, talent loss, operational disruptions, regional disparities, and reduced investor confidence in Nigeria's economy.