Group backs ongoing reforms in CBN

The Transparency Advocacy for Development Initiative (TADI) has backed the decision of the Central Bank of Nigeria to engage consultants for its operations. Executive Director of TADI, Amb. Yomi David, said the hiring of two consultants by the Governor of CBN, Olayemi Cardoso was conducted in full compliance with the CBN’s procurement policies. In a […]

The Transparency Advocacy for Development Initiative (TADI) has backed the decision of the Central Bank of Nigeria to engage consultants for its operations.

Executive Director of TADI, Amb. Yomi David, said the hiring of two consultants by the Governor of CBN, Olayemi Cardoso was conducted in full compliance with the CBN’s procurement policies.

In a statement on Tuesday, he said: “The hiring of two consultants by Governor Olayemi Cardoso was conducted in full compliance with the CBN’s procurement policies. These consultants were engaged to provide specialised expertise critical to the bank’s operations and overall efficiency.”

David also said the decision of the bank to relocate some of its departments to Lagos was done to enhance operational effectiveness and bring services closer to key stakeholders.

“The decision to relocate certain departments to Lagos was made strategically to enhance operational effectiveness and bring services closer to key stakeholders. This move aligns with global best practices aimed at improving institutional performance,” he stated.

Speaking on ongoing restructuring and workforce optimisation in the bank, David said: “The reported layoff of over 1,000 employees is part of a broader restructuring effort designed to strengthen the CBN’s effectiveness. This process is being handled with due consideration for all affected personnel, ensuring fairness and compliance with labor regulations.

“We strongly caution against misinformation and unwarranted speculation that may mislead the public and distract the CBN from its mandate. The bank remains committed to upholding transparency, accountability, and economic stability for Nigeria.

“We appreciate the public’s understanding and support as the CBN continues to implement necessary reforms for a more efficient and effective financial system.”