Mass Retirement Looms At CBN As 1,000 Staff Face Exit

A total of 1,000 employees of the Central Bank of Nigeria (CBN) are reportedly set to face compulsory retirement at the bank by December 31, 2024, as part of a strategic realignment of the workforce.

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

Led by Governor Olayemi Cardoso, the CBN has framed the move as a deliberate effort to restructure its personnel.

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

READ ALSO: Again, CBN Raises Interest Rate 

In a circular released three weeks ago by the CBN, 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.

“Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments,” it added.

However, the apex bank is yet to officially comment on the planned retirement of 1,000 staff by year-end.