CBN to layoff 1,000 employees by year-end

There are indications that the Central Bank of Nigeria (CBN) may lay off approximately 1,000 employees by December 31, 2024.

This information is derived from a recent report by Daily Trust, which indicates that the initiative will incur a cost of N50 billion for the apex bank.

The CBN, under the leadership of Olayemi Cardoso, has characterized this initiative as a strategic reorganization of its workforce.

This development follows the disengagement of numerous staff members by the CBN over the past 10 months, including 17 directors who were appointed during the tenure of the previous governor, Godwin Emefiele.

In a circular issued three weeks prior, the CBN announced that the application period for the Early Exit Package (EPP) is available to all levels of staff and will conclude on Saturday, December 7.

As stated in the circular, the only employees excluded from this package are those who have not yet completed their confirmation or who have been employed for less than one year “as of the date of publication,” with the effective date for exit scheduled for December 31, 2024.

“Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments,” it added.

However, the apex bank is yet to officially comment on the planned retirement of 1,000 staff by year-end.