CBN to ‘Retire 1,000 Employees by December 31’

The Central Bank of Nigeria (CBN) is considering retiring approximately 1,000 employees by December 31, 2024, according to a report.

The exercise is expected to cost the apex bank N50 billion. This follows a series of staff disengagements over the past 10 months, including the dismissal of 17 directors who had served under the former governor, Godwin Emefiele.

In a circular issued three weeks ago, the Central Bank of Nigeria (CBN) announced that the application process for the Early Exit Package (EPP) was open to all levels of staff. The deadline for submitting applications was set for Saturday, December 7.

The circular specified that staff members who are exempt from the Early Exit Package (EPP) include those who have not yet been confirmed or who have served for less than one year as of the publication date.

The effective exit date for those who apply and are approved is set for 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.