Support grows for relocation of CBN departments to Lagos.

Finance and economy analysts have shared perspectives on the relocation of some units and departments of the Central Bank of Nigeria to Lagos.

The stakeholders spoke to PUNCH Online on Wednesday following the recent apex bank’s announcement directing the movement of some of its units and departments to Lagos for enhanced operational efficiency.

The CBN’s decision to relocate certain departments from its Abuja headquarters to Lagos has given rise to intense debates and controversies in recent weeks.

While some are viewing it as a wise choice due to Lagos’ superior infrastructure capacity, others, primarily from the Northern political class, expressed concerns about potential disparities between the North and South.

In an interview with our correspondent,  the Managing Director, APT Securities and Funds Limited, Garba Kurfi, described the apex bank’s decision as the best for the national economy development and blessing to Lagos given the CBN’s existing but decaying infrastructure in the city.

Kurfi, an economy and investment expert,  emphasised the potential positive impact if the CBN operates efficiently, stating, “If the CBN works efficiently, it is better for the economy because they are the monetary policy of the economy. Whatever they think will be better for their system and the economy, at the end of the day, should be encouraged to be.”

He pointed out that Lagos State would benefit from increased tax revenues due to the relocation of CBN units and departments, as more people are paid salaries within the state.