• Thursday, February 29, 2024
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Here are CBN departments moved to Lagos [FULL LIST]

Drawbacks to usual monetary tightening

The Central Bank of Nigeria in a circular, made a decision to relocate its department of banking supervision to Lagos with the aim of decongesting its head office while emphasizing the importance of adhering to safety standards and improving office space efficiency.

The apex bank’s decision to relocate is said to be driven by concerns about safety, increased health and accident risks, and the need for compliance with building regulations.

See the list of departments moving to Lagos:

Banking Supervision: Responsible for overseeing the banking sector, ensuring compliance, and maintaining stability.

Other Financial Institutions Supervision: Tasked with regulating non-banking financial institutions to safeguard the financial system.

Consumer Protection Department: Dedicated to protecting the rights and interests of consumers in financial transactions.

Payment System Management Department: Facilitating efficient and secure payment systems to support economic transactions.

Financial Policy Regulations Department: Formulating and implementing policies to regulate financial activities and promote economic stability.