The Central Bank of Nigeria (CBN) plans to retire more than 1,000 employees by December 2024 as part of a restructuring process. The initiative, expected to cost over N50 billion in severance payments, aligns with reforms led by the bank’s Board of Directors under Olayemi Cardoso.
The layoffs are part of a broader strategy to streamline operations, with the CBN having already disengaged several employees over the past year, including 17 directors associated with the tenure of former governor Godwin Emefiele, who is currently facing legal charges.
In a recent circular, the CBN opened applications for its Early Exit Package (EPP) to all confirmed staff, with applications closing on December 7. Employees with less than a year of service are excluded. The effective exit date is set for December 31, 2024.
This restructuring marks a significant shift in the CBN’s workforce management approach, emphasizing cost-efficiency and organizational alignment.
