September 07, (THEWILL) – The Central Bank of Nigeria (CBN) has unveiled a new structure.
Tagged Project RISE – Re-aligning Internal Structure for Excellence, key targets in the bank’s re-organisation are the creation of specialised departments to address emerging changes, realigning existing ones to improve efficiency and effectiveness, building a more responsive institution as well as enhancing decision-making and collaboration.
According to a document outlining the changes, which was obtained by THEWILL, the bank listed the benefits of the restructuring to include: “Enhanced strategic focus, Strengthened regulatory compliance and oversight, Increased operational efficiency and Improved corporate performance.”
Retaining the existing structure of 29 departments, the plan will see the merger of six and the creation of three new ones – Internal Control and Compliance, MFB and FinCoy Supervision, and Payments System Supervision.
Also, while three departments are being moved, five others will be re-organised for enhanced decision-making and collaboration.
The new structure of the apex bank creates 7 departments under the Governor – Corporate Secretariat Consumer Protection, Special Duties, Internal Audit, Risk Management, Strategy & Innovation Management, Internal Control & Compliance.
A further breakdown of the restructuring is as follows:
Corporate Services Directorate – Corporate Communications, Human Resources, Legal Services, Medical Services, Procurement & Support Services and Security Services.
Economic Policy Directorate – Financial Markets, Reserve Management, Data Governance & Statistics, Monetary Policy & Economic Research, Payment Systems & Digital Currency, Trade Exchange.
Financial System Stability – Banking System Supervision, Other Financial Institutions Supervision, Micro Finance, Finance Companies Supervision, Financial Policy & Regulation, Payments System Supervision, Financial Inclusion & Development.
Operations Directorate – Banking Services, Currency & Branch Operations, Information Technology, Finance.
The directorates are supervised by the Deputy Governors.
