The Central Bank of Nigeria (CBN) is reportedly set to retire over 1,000 employees as part of a strategic workforce realignment under the leadership of Governor Olayemi Cardoso. The move is accompanied by a severance package exceeding N50 billion, marking one of the largest retirement exercises in recent years.
According to insider reports, this initiative aims to streamline operations and reduce staff numbers in line with the bank’s evolving priorities. A circular released three weeks ago revealed that the Early Exit Package (EPP) is open to all cadres of staff, excluding those who are yet to be confirmed or have served less than one year as of the publication date. The application window closes on Saturday, December 7, with the effective exit date set for December 31, 2024.
Sources within the CBN disclosed that over 860 employees from various departments have already applied for the EPP, signaling significant interest among staff members. Daily Trust reports that the apex bank is targeting the voluntary retirement of at least 1,000 employees.
This large-scale workforce adjustment has sparked discussions among stakeholders, with some viewing it as a necessary step to enhance efficiency, while others express concerns about its broader implications for the institution and the economy.
Stay tuned as more details unfold about this unprecedented restructuring at the nation’s central bank.
