CBN to Splash 50bn on Payoff Plan, Retires 1000 Soon

CBN to Splash 50bn on Payoff Plan, Retires 1000 Soon

The Central Bank of Nigeria (CBN) may retire about 1,000 of its employees by December 31, 2024.

This is according to a recent report by Daily Trust which indicates that the exercise will cost the bank N50 billion.

The bank , led by Olayemi Cardoso, described the move as a strategic realignment of its workforce.

This comes as, in the last 10 months, the apex bank disengaged many of its staff, including 17 directors who served under the immediate past governor, Godwin Emefiele.

In a circular released three weeks ago by the bank, it stated that the application for the Early Exit Package (EPP) was open to all cadres of staff and would close by Saturday, December 7.

According to the circular, staff exempted are those yet to be confirmed or who have served less than one year “as of the date of publication,” with the effective date of exit set at December 31, 2024.