CBN to Retire 1,000 Employees with N50 Billion Exit Package

The Central Bank of Nigeria (CBN) is reportedly preparing to retire approximately 1,000 employees by December 31, 2024, according to a recent report from Daily Trust.

The exercise, expected to cost the apex bank N50 billion, has been described by CBN Governor Olayemi Cardoso as part of a strategic workforce realignment.

Over the past 10 months, the CBN has already disengaged numerous staff, including 17 directors who served under the former governor, Godwin Emefiele.

A circular released three weeks ago announced the availability of an Early Exit Package (EPP) for all staff cadres, with applications closing on Saturday, December 7. Employees excluded from the program are those awaiting confirmation or with less than one year of service as of the circular’s publication date. The effective date of exit is set for December 31, 2024.

The circular detailed financial incentives for eligible employees, offering up to 18 months of gross annual emoluments at their current grade. Despite these developments, the CBN has not issued an official statement confirming the planned retirement of 1,000 staff members.

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