The Northern Elders Forum (NEF) yesterday faulted plans by the Central Bank of Nigeria (CBN) to relocate major departments from the Abuja headquarters to the former headquarters in Lagos.
The NEF recognizes the importance of the departments in question, including Banking Supervision (DBS), Other Financial Institutions Supervision (OFISD), Consumer Protection Department (CPD), Payment System Management Department (PSMD), and Financial Policy Regulations Department (FPRD), as vital components of the CBN.
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NEF, in a statement by its Director of Publicity and Advocacy/Spokesperson, Abdul-Azeez Suleiman, said that the forum is worried about the potential negative impact of relocating these essential departments on both the institution itself and the nation as a whole.
He noted that the movement of some departments would involve increased costs, loss of talent, disruption in operations, reduced coordination, regional economic disparities, impaired economic development in northern Nigeria, and decreased investor confidence in the nation’s economy.