The Central Bank of Nigeria (CBN) is reportedly planning to retire approximately 1,000 employees by December 31, 2024, according to a recent Daily Trust report. The move is expected to cost the bank around N50 billion.
Under the leadership of Olayemi Cardoso, the CBN has described this as a strategic workforce realignment. This decision follows several staff disengagements over the past 10 months, including the exit of 17 directors who had served under the former governor, Godwin Emefiele.
In a circular issued three weeks ago, the CBN announced that applications for the Early Exit Package (EPP) were open to all staff categories, with the deadline set for December 7. However, those who are still under probation or have served less than one year are excluded from the program, with an effective exit date of December 31, 2024.
The circular also mentioned that financial incentives for eligible staff would cover up to 18 months of their current annual gross salary. Despite these developments, the CBN has not yet officially confirmed the plan to retire 1,000 staff members by the end of the year.