The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees by December 31, 2024, as part of a major workforce realignment strategy. The exercise, which is expected to cost the apex bank ₦50 billion, is designed to optimize its operations under the leadership of Governor Olayemi Cardoso.
This development follows a series of restructuring moves within the CBN over the past 10 months, including the disengagement of 17 directors who served under former Governor Godwin Emefiele.
A circular issued by the CBN three weeks ago outlined the details of the Early Exit Package (EPP) initiative, which is open to employees across all ranks. Eligible staff members have until December 7 to apply, with their exits becoming effective by the end of the year. However, the package excludes employees who are yet to be confirmed or those who have served less than one year as of the publication date.
The exit package includes financial incentives equivalent to the remaining period of service, capped at 18 months of gross annual emoluments based on current grades.
While the CBN has not made an official public statement regarding the retirement plan, insiders have described the move as a proactive measure to streamline operations and align the institution with current economic realities.
This development comes at a time when the apex bank is navigating significant economic reforms and challenges, including efforts to stabilize the naira and tackle inflation. Analysts suggest that the retirement plan signals a broader effort to enhance efficiency within the central bank’s operations.
The strategic workforce adjustment is expected to not only reduce costs but also create opportunities for fresh talent to enter the institution, ensuring that the CBN remains agile and responsive to Nigeria’s evolving economic landscape.
