The Central Bank of Nigeria (CBN) has announced plans to relocate several offices and departments from Abuja to Lagos. The departments that will be relocated include Banking Supervision, Other Financial Institutions Supervision, Consumer Protection, Payment System Management, and Financial Policy and Regulation. The move is aimed at decongesting the CBN's operations and increasing operational efficiency.
The decision to relocate has been made in order to enhance safety and productivity for staff and reduce costs. The CBN believes that having these departments in Lagos will provide better access to financial institutions and stakeholders, as Lagos is the financial hub of Nigeria. The relocation is part of the CBN's broader efforts to streamline its operations and improve its effectiveness.
However, the relocation plans have faced opposition and speculation about ulterior motives. Some critics claim that the relocation is part of a southwest agenda to underdevelop the North and develop the South. They argue that moving these departments to Lagos will concentrate power and resources in the South, leaving the North at a disadvantage.
Former CBN governor HRH Sanusi Lamido Sanusi has voiced his support for the relocation plans and dismissed the opposition as playing dirty politics. He believes that the move is a sensible decision that will improve the CBN's operations and advises the CBN to push through with the decision despite the backlash.
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