The Central Bank of Nigeria (CBN) has finally identified 1,500 staff members and some departments to be relocated to Lagos office from its Abuja headquarters.
The departments for relocation to Lagos, according to the apex bank, including Banking Supervision, Other Financial Institutions Supervision, Consumer Protection Department, Payment System Management Department and Financial Policy Regulations Department.
According to the apex bank, the development is aimed at enhancing productivity, safety and compliance with building regulations.
In an internal memo, the apex bank said that the restructuring is also aimed at achieving an even geographical spread of talent and to reduce the headquarters’ occupancy level to 2,733 personnel from 4,233.
The memo reads: “This is to notify all staff members at the CBN Head Office that we have initiated a decongestion action plan designed to optimize the operational environment of the bank.
“This initiative aims to ensure compliance with building safety standards and enhance the efficient utilization of our office space.”
An official of the bank confirmed that the plan for relocation is still on, and that the transfered staff will resume work by February 2.

The Central Bank of Nigeria (CBN), has cleared all the debts to foreign airlines in the country with additional $64.44 million.
This is in fulfilment of its pledge to clear the backlog of foreign exchange owed foreign airlines in the country.
The Acting Director of Corporate Communications in the CBN, Mrs. Hakama Sidi Ali, confirmed the development today, January 30, in a statement in Abuja.
According to her, the latest amount paid to the airlines brought the total verified amount paid to that sector to $136.73 million.
She said that all the verified airline claims have now been cleared, saying that the apex bank’s Governor, Olayemi Cardoso, and his team has expressed the bank’s commitment to ensure that the verified backlog of payments across all other sectors is cleared.
Mrs. Sidi Ali quoted the CBN governor as saying that he would restore confidence in the Nigerian foreign exchange market.
She assured that the CBN is working with stakeholders to ensure that liquidity improves within the forex market, thereby reducing pressure on Naira.
While expressing optimism that the market would respond positively with the latest injection of over $64 million, she cautioned actors in the foreign exchange market to guard against speculation as such actions could hurt the Naira.
Sidi Ali called on the public to support the reforms in the foreign exchange market, saying that CBN would continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure that market forces determine exchange rates.

The Central Bank of Nigeria (CBN) has announced the release of the sum of $500 million to various sectors to address the backlog of verified foreign exchange transactions.
This release of the funds is coming barely a week after the Bank paid approximately $2 billion to settle outstanding commitments across manufacturing, aviation, and petroleum sectors.
The Acting Director of the Corporate Communications Department of the apex, Mrs. Hakama Sidi Ali, in a statement today, January 29, said that the Management of the bank is committed to settling all legitimate foreign exchange backlogs within a short time frame.
Hakama Sidi Ali stressed the assurances of the apex bank’s boss, Olayemi Cardoso, Sidi Ali on steady development of workable policies and continued implementation of comprehensive strategy to improve liquidity in the nation’s foreign exchange markets in the short, medium and long term.
“As the Governor said, the CBN’s focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years.”
She she said that the forex market reforms have been designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities, even as she expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment.
She advised all participants in the market to play by the rules, stressing that transparency in the market would enable the fair determination of exchange rates and guarantee stability for businesses and individuals alike.
It will be recalled that the CBN, over the past few months, has released various sums in its effort to clear the backlog of foreign exchange liabilities.

The Nigerian foreign exchange (FX) market witnessed a great drop in the value of the naira, reaching an unprecedented intraday rate of N1,399 to a dollar at the official market yesterday, January 27.
Data sourced from the Financial Markets Dealers’ Quotations (FMDQ) revealed a substantial 6.15 percent depreciation, compared to the N1,313 rate observed during intraday trading just a day earlier. The lower segment of intraday trading also experienced a notable 11.28 percent decline, with the dollar being quoted at N789 on yesterday, in contrast to N700 on Wednesday.
As the trading day concluded, the naira continued its slide, marking a 2.08 percent loss against the dollar. The closing rate stood at N900.96, down from the N882.24 recorded on Wednesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
These developments underscore growing concerns about the stability of the naira in the face of persistent challenges in the foreign exchange market, with implications for various sectors of the economy. In a concerning development, Nigeria’s currency witnessed a historic decline, plunging to a record low of N1,416 per dollar in the parallel market.
This drastic drop can be attributed to robust demand coupled with a shortage of available dollars, as traders opt to hoard the limited currency.