The Central Bank of Nigeria (CBN) is reportedly planning to retire around 1,000 employees by December 31, 2024.
According to a recent report by Daily Trust, the exercise is expected to cost the apex bank N50 billion.
The CBN, under the leadership of Olayemi Cardoso, has characterized this decision as part of a strategic workforce realignment.
Over the past 10 months, the Central Bank of Nigeria (CBN) has let go of several employees, including 17 directors who served under the former governor, Godwin Emefiele.
Three weeks ago, the CBN issued a circular announcing the availability of the Early Exit Package (EPP) for employees across all ranks. The application window closes on Saturday, December 7.
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The circular specified that staff excluded from the program are those who are yet to be confirmed or have served for less than one year as of the publication date. The official exit date for those participating is set 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.
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