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CBN Sacks 200 Staff | Citizen NewsNG

ByCitizen NewsNG

May 25, 2024

CBN Headquarters 




The Central Bank of Nigeria (CBN) has undertaken a bank-wide restructuring, resulting in the dismissal of around 200 staff from various departments.

Affected departments include Human Resources, Development Finance, Trade and Exchange (including Dr. Hassan Mahmud, a prominent director), Financial Policy and Regulation, and Procurement and Support Services (where all service coordinators in the PSSD, primarily stationed in state branches, were laid off on Friday).

Employees were reportedly caught off guard by termination letters received yesterday afternoon, with immediate effect.

The CBN attributed these layoffs to a “significant organizational and human capital restructuring process,” in line with the bank’s newly announced strategic direction with its new mission and vision.

A sample of the termination letter reads “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.”

While the CBN stresses alignment with its strategic goals, the sudden nature of the layoffs has understandably caused concern and disruption among affected staff.

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