CBN Plans to Retire 1,000 Staff by December 2024

|By Adejumo Adekunle –

• N50 Billion Set Aside for Workforce Restructuring
• Early Exit Package Applications Close December 7
• CBN Yet to Confirm Mass Retirement Plans

The Central Bank of Nigeria (CBN) is preparing to retire approximately 1,000 employees by December 31, 2024, as part of a workforce realignment strategy under the leadership of Governor Olayemi Cardoso.

According to a report, this move is expected to cost the apex bank N50 billion. Over the past 10 months, the CBN has already disengaged several employees, including 17 directors linked to the tenure of former governor Godwin Emefiele.

In a circular issued three weeks ago, the CBN announced an Early Exit Package (EPP), open to staff across all ranks, with applications closing on Saturday, December 7. Exemptions apply to employees not yet confirmed or with less than one year of service as of the circular’s date.

The circular outlined financial incentives for eligible staff, covering up to 18 months of gross annual emoluments. Despite these developments, the CBN has yet to release an official statement regarding the mass retirement.