The structure of the Central Bank of Nigeria are created to ensure efficiency and effectiveness, and also to enhance smooth communication between and among departments.
These structure of the Central Bank of Nigeria was launched as a restructuring program tagged Project ACE with a view to repositioning and reinventing CBN for sustainable improvement of overall Accountability, Communication, Efficiency and Effectiveness.
The Central Bank of Nigeria is charged with the responsibility of administering the Banks and Other Financial Institutions Act (BOFIA), 2020, with the sole aim of ensuring high standards of banking practice and financial stability through its surveillance activities, as well as the promotion of an efficient payment system.
There are 5 (five) directorates Structure of the Central Bank of Nigeria and 28(Twenty Eight) departments that are grouped in their related performance and job descriptions to facilitate smooth operations and management of those department. The formation of these directorates also reduces the pressure that would have brought to bear on the chief executive (the Governor CBN). Each directorate is headed by deputy governor (D/G).
Structure of the Central Bank of Nigeria
The 5 (five) directorates structure of the Central Bank of Nigeria established to day-to-day operations of the Central Bank of Nigeria includes:
- Economic Policy Directorate.
- Corporate Services Directorate
- Financial System Stability Directorate
- Governors’ Directorate
- Operations Directorate
1. Economic Policy
This directorate structure is made up of the following Departments in the Central Bank of Nigeria:
- Financial Markets Department.
- Monetary Policy Department
- Research Department
- Statistics Department
- Trade and Exchange Department.
Departments under this directorate are:-
- Financial Markets Department
The Department has the following mandates: Implementation of CBN-mandated and CBN financial market operations and Promotion of the Nigerian financial markets to ensure effective monetary policy transmission
- Monetary Policy
The Department has the following mandate: Development and implementation of monetary policy.
- Research
The Department has the following mandates: Development and provision of information services, analyses and policy papers on various areas of the economy including the financial, external, fiscal and real sectors. Macroeconomic modeling and forecasting.
- Statistics
The Department has the following mandate: To collect, analyse and manage data on all sectors of the economy, in order to provide statistical support to the Bank, the government, international organizations and other stakeholders.
- Trade & Exchange
The Department has the following mandate: Development and articulation of trade and exchange rate policies working with other arms of government
2. Corporate Services
The following departments are under this directorate structure:
- Capacity Development Department.
- Corporate Communications Department.
- Finance Department.
- Human Resources Department
- Legal Services Department
- Medical Services Department.
- Procurement and Support Services Department.
- Security Services Department.
This directorate provides support services to the main core departments of the Bank, furnishing them with human capital and material supplies as well as Information technology infrastructures to meet the demands of the 21st century work requirements.
- Capacity Building
The Department has the following mandate: To build capacity by providing needed training and skills acquisition
- Corporate Communications
The Department has the following mandate: To ensure effective and timely qualitative internal and external communication, engagement and feedback.
- Finance
The Department has the following mandates: Implementation of the Banks accounting policy and sound financial & budgetary controls to ensure integrity of the banks financial records and statements. Performance of financial analysis of the Banks projects, Naira investment portfolios and pensions.
- Human Resources
The Department has the following mandate: Development of human capital management policies and administration of the suite of human capital management functions and processes
- Legal Services
The Department has the following mandates: Developing appropriate legal framework for lawful operations and service delivery. Provision of advisory services on the Banks mandate relating to the law and practice of banking, financial markets, economic cooperation, etc. Provision of medical care at in-house medical facilities and coordination of medical services provided by external parties.
- Medical Services
The Department has the following mandate: Provision of medical care at in-house medical facilities and coordination of medical services provided by external parties.
- Procurement & Support Services
The Department has the following mandates: Provision of Bank-wide procurement services. Development of policies and management of processes and tools required to deliver a range of support services to the Bank
- Security Services
The Department has the following mandate: Development and implementation of policies, processes and administration of the tools required to promote security and safety of CBN human resources and assets.
3. Financial System Stability
There are five departments under this directorate structure of the Central Bank of Nigeria:
- Banking Supervision Department
- Consumer Protection Department
- Financial Policy and Regulation Department
- Other Financial Institutions Supervision Department
- Payments System Management Department
Departments under this directorate are:-
- Banking Supervision
The Department has the following mandates: Conduct of off-site surveillance and on-site examination of Deposit Money Banks, Specialized Institutions Credit Registry Bureaux, and related institutions. Development of standards for examinations and consolidated supervision.
- Consumer Protection
The Department has the following mandate: Develop and implement an effective consumer protection framework that promotes consumer confidence in the financial system.
- Financial Policy and Regulation
The department has the following mandates: Development and implementation of policies & regulations aimed at ensuring financial system stability. Licensing & approvals for banks and other financial institutions
- Financial Institutions Supervision
The Department Conduct off-site surveillance and on-site examination of Microfinance Banks, Bureaux-de-Change, Development Finance Institutions, Primary Mortgage Institutions and Finance Companies
4. Governors Office
The following departments are under this directorate:
- Corporate Secretariat Department
- Development Finance Department
- Governors’ Department
- Internal Audit Department
- Risk Management Department
- Strategy Management Department
Departments under this directorate are:-
- Corporate Secretariat
The Department has the following mandates: Provision of support to the Board, monitoring of the decisions of the Board and assurance of the highest level of oversight for internal and public complaints. Managing, from creation to archival, all CBN documents. Provision of custodial services
- Development Finance
The Department has the following mandate: Development and implementation of various policies, programmes and schemes aimed at the effective, efficient and sustainable delivery of financial services to special sectors of the economy.
- Governors’
The Department has the following mandates: Provision of support services to the Governors and Special Advisers. Management of communication, public relations and related events. Monitoring of all ethical issues and reporting to the Ethics Committee.
- Internal Audit
The Department has the following mandates:- Safeguarding assets. Managing compliance with policies and procedures. Monitoring the efficiency and effectiveness of operations. Assessing accuracy of financial reporting. Preventing fraud.
- Risk Management
The Department has the following mandates: Development of frameworks for identifying, managing and controlling the risks that could impede the fulfillment of the Banks mandate. Promotion of strong corporate governance, risk culture and risk expertise across the Bank and Sector
- Strategy Management
The Department has the following mandate:-
- Oversight of the Banks overall strategic planning & performance management, business process management, enterprise programme management and special initiatives
5. Operations Directorate
There are five departments under this directorate viz:
- Banking Services Department
- Branch Operations Department
- Currency Operations Department
- Information Technology Department
- Reserve Management Department
Departments under this directorate are:-
- Branch Operations
The Department has the following mandates: Management of branch operations nation-wide. Customer relationship management
- Currency Operations
The Department has the following mandate: Development of Nigeria’s currency policy and implementation of local and foreign currency processes
- Information Technology
The Department has the following mandate:
- Formulation of policies, management of infrastructure and provision of services to ensure an effective and secure information and communication technology (ICT) environment in the Bank.
