The Central Bank of Nigeria (CBN) is set to retire over 1,000 employees in a move aimed at streamlining operations and optimizing workforce efficiency.
As part of this strategic realignment, a severance package exceeding N50 billion has been allocated to facilitate the process.
This initiative, which falls under the leadership of Governor Olayemi Cardoso, is designed to reduce the bank’s staff numbers and enhance its operational effectiveness.
According to a report by Daily Trust, a circular issued three weeks ago outlined the conditions for participation in the Early Exit Package (EPP), which is available to all staff categories, with applications closing on Saturday, December 7.
Exemptions from the initiative apply to staff members who have not yet been confirmed or who have served less than one year as of the circular’s release. The targeted effective date for retirement is December 31, 2024.
Daily Trust also reported that the bank is anticipating the retirement of more than 1,000 staff, with at least 860 employees already applying for the EPP.
“The Early Exit Package (EEP) is a voluntary program offering eligible employees an incentive to exit the CBN early, providing those seeking alternative career options with an opportunity for early departure,” an official source revealed.
Additionally, management has emphasized that once applications are submitted, they are final, and staff will not be permitted to retract their participation in the program.
