Central Bank of Nigeria Plans to Retire 1,000 Employees by December 2024
The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees by December 31, 2024, according to a report by Daily Trust. This restructuring initiative is expected to cost the apex bank around N50 billion. This decision follows a significant reduction in staff over the past ten months, during which the CBN has let go of numerous employees, including 17 directors under the previous governor, Godwin Emefiele. In a circular issued three weeks ago, the CBN announced the availability of an Early Exit Package (EPP) for all staff levels, with applications closing on Saturday, December 7. Employees who are exempt from this program include those not yet confirmed or who have been with the bank for less than one year as of the publication date. The effective exit date for those participating in the program is set for December 31, 2024. The circular also stated that financial incentives for other staff members would be calculated based on the remaining period of service, offering up to a maximum of 18 months of gross annual emoluments at their current grade. This move reflects the CBN's ongoing efforts to streamline its operations amidst changing economic conditions.
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