CBN's Workforce Restructuring: 1,000 Staff Expected to Retire by Year-End

The Central Bank of Nigeria (CBN) may retire approximately 1,000 employees by December 31, 2024, according to recent indicators.

A report by Daily Trust suggests that the exercise will cost the apex bank around N50 billion. Under the leadership of Olayemi Cardoso, the CBN described the move as part of a strategic restructuring of its workforce.

This development comes amid a period of significant staff turnover at the CBN, including the dismissal of numerous employees over the past ten months. Among those let go were 17 directors who served under the previous governor, Godwin Emefiele.

Three weeks ago, the CBN issued a circular inviting staff across all cadres to apply for an Early Exit Package (EPP). According to the circular, the application period will close on Saturday, December 7, with the effective departure date set for December 31, 2024.

However, the circular specifies that employees who have not been confirmed or have worked for less than a year as of the date of publication are excluded from the program.

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

Despite these developments, the CBN has not issued an official statement regarding the anticipated retirement of 1,000 staff members by the end of the year.


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