The Central Bank of Nigeria (CBN) is reportedly set to retire approximately 1,000 employees by December 31, 2024, as part of a workforce realignment strategy. According to a report by the Daily Trust, the exercise is expected to cost the apex bank ₦50 billion.
Under the leadership of Governor Olayemi Cardoso, the CBN has described the move as a strategic step to optimize its operations. This follows a series of staff disengagements in recent months, including the exit of 17 directors who served under former governor Godwin Emefiele.
A circular released three weeks ago outlined details of the Early Exit Package (EPP), which is open to all staff cadres except those who are yet to be confirmed or have served less than one year as of the date of the announcement. Applications for the package are set to close on Saturday, December 7, 2024, with the effective date of exit being December 31, 2024.
The circular also noted that financial incentives under the package would cover the remaining service period, up to a maximum of 18 months of gross annual emoluments for current grades.
Despite the report, the CBN has not yet made an official statement regarding the planned retirements or the details of the severance plan.