The Central Bank of Nigeria (CBN) has introduced a new structural framework aimed at enhancing its operations. Named Project RISE (Re-aligning Internal Structure for Excellence), this reorganization targets several key areas, including the creation of specialized departments to address emerging challenges, the realignment of existing departments for improved efficiency, and fostering a more responsive and collaborative institution to enhance decision-making.
A document acquired by Apples Bite Magazine outlines the benefits of this restructuring, which include enhanced strategic focus, strengthened regulatory compliance and oversight, increased operational efficiency, and improved corporate performance.
While retaining its current 29-department structure, the plan involves the merger of six departments and the creation of three new ones: Internal Control and Compliance, Microfinance Banks (MFB) and finance Companies (FinCoy) Supervision, and Payments System Supervision. In addition, three departments will be relocated, and five others re-organized to boost decision-making and teamwork.
The new structure under the Governor’s leadership comprises seven departments: Corporate Secretariat, Consumer Protection, Special Duties, Internal Audit, Risk Management, Strategy & Innovation Management, and Internal Control & Compliance.
The reorganization is further broken down into the following directorates:
- Corporate Services Directorate – This covers departments like Corporate Communications, Human Resources, Legal Services, Medical Services, Procurement & Support Services, and Security Services.
- Economic Policy Directorate – This will oversee Financial Markets, Reserve Management, Data Governance & Statistics, Monetary Policy & Economic Research, Payment Systems & Digital Currency, and Trade Exchange.
- Financial System Stability Directorate – This directorate will supervise Banking System Supervision, Other Financial Institutions Supervision, Microfinance and Finance Companies Supervision, Financial Policy & Regulation, Payments System Supervision, and Financial Inclusion & Development.
- Operations Directorate – This will include Banking Services, Currency & Branch Operations, Information Technology, and Finance.
Each directorate will be managed under the oversight of the Deputy Governors.
Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple’s Bite International Magazine.