The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has said he approved the relocation of some bank units to Lagos State because the headquarters in Abuja is overpopulated.

The CBN governor noted that the development remains part of the reason the bank is relocating some of its staff members from Abuja to Lagos.

Speaking during an interview on Arise Television aired on Monday, Cardoso said the overpopulation at the head office was the reason for the movement of staff to Lagos.

The apex bank’s governor claimed that there is an attempt to sensationalise what is a normal process for any vibrant entity like the central bank.

Cardoso said the bank anticipates the move will address the concern at the bank’s headquarters in Abuja.

He said: “It is over-populated. Quite frankly, anybody that comes to the bank and interacts at the level will see that it is over-populated. We’ve got to see that we are able to manage potential issues that could fall out from an overpopulated environment.”

Cardoso explained further that the CBN, as a national institution, has a presence in every state of the federation.

However, the apex bank governor said a situation where staff members with technical skills are located in one particular section could undermine collective efforts.

The CBN governor noted that the apex bank regulates banks based in Lagos, and those in charge of such oversight should have the right skills to do their jobs effectively.