CBN Sacks 200 Staff Over Restructuring

Approximately 200 employees of the Central Bank of Nigeria (CBN) across various departments has been retrenched in a bank-wide restructuring exercise.

This latest round of job cuts impacted several departments including: Human Resources; Development Finance; Trade and Exchange (including a prominent director, Dr. Hassan Mahmud); Financial Policy and Regulation and Procurement and Support Services (all service coordinators in the PSSD who predominantly can be found in the state branches were laid-off on Friday)

The medium gathered that the sacking caught many of the affected staff unaware.

They were reportedly surprised to receive termination letters yesterday afternoon with their employment ending immediately.

The CBN attributed the layoffs to a “significant organizational and human capital restructuring process” aligned with the bank’s recently publicised strategic direction and its new mission and vision.

A sample of the termination letter states, “In line with our new mission and vision, the Bank is currently undergoing a significant organizational and human capital restructuring process. As a result of this review, I have been directed to notify you that your services will not be required with effect from Friday, 24th May 2024. Your final entitlements will be calculated and paid to you in due course.”