CBN Steps up Reforms, Restructures Operations

The board of the Central Bank of Nigeria (CBN) has approved the restructuring of the organisation into 25 departments, effective 1 March, as part of the 'ongoing efforts aimed at improving accountability, communication and efficiency as well as effectiveness in actualising CBN'S strategic objectives," the bank announced.
'The approved structure is an outcome of a detailed exercise that commenced 21 July, 2009. The objectives of which include: development of a more functional organisation structure, alignment of the structure in line with the bank's mandate and strategy,' the bank said in a statement, made available to PANA here on Friday.
'Promotion of efficient and effective operations, building synergy with both internal and external stakeholders of the bank, facilitation of information flow and integrated data management, facilitation of the achievement of key deliverables of management conformity with global best practice are the other detailed strategy," it added.
With the new development, the bank is now restructured into five directorates, 25 departments, 91 divisions and 108 offices across the country.
Tunde Lemo now heads the Operations Directorate; Financial System Stability now has Kingsley Moghalu as the head, while Sarah Alade will take charge of Economic Policy.