CBN Set to Retire 1,000 Staff, Earmarks N50Bn for Settlement

Central Bank of Nigeria (CBN) is poised to retire approximately 1,000 employees before the end of the year, according to sources within the apex bank.

This move is part of a broader strategic realignment aimed at streamlining the CBN’s workforce.

Insiders revealed that the retirement package will cost the bank over N50 billion, with affected workers set to receive generous payouts.

The CBN’s Board of Governors, led by Olayemi Cardoso, has been driving this initiative to reduce the workforce and enhance operational efficiency.

According to Daily Trust, in recent months, the CBN has already disengaged several staff, including 17 directors who served under former Governor Godwin Emefiele.

A circular released by the bank three weeks ago announced the opening of applications for the Early Exit Package (EPP), which will close on December 7.

According to officials, the EPP is a voluntary programme offering eligible employees a financial incentive to exit the CBN early.

At least 860 staff members have already applied for the package, which includes financial incentives, financial planning, and entrepreneurial capacity-building programmes.

The CBN has emphasized that the EPP is a one-time offer, and staff cannot change their minds after applying. The bank has set a deadline of December 31, 2024, for the exit of affected employees.

Staff members who spoke to Daily Trust expressed mixed reactions to the EPP.

One staff revealed that they were offered a package worth between N92 million and N97 million for their four years of service.

Another staff expressed disappointment with the package, stating that it was inadequate considering their years of service.