CBN Lays Off 200 Employees As Part Of Restructuring Effort

Confidence UbaniMay 24, 20241 Mins read216

The Central Bank of Nigeria (CBN) has reportedly laid off approximately 200 employees across various departments in a restructuring move. The affected departments included Human Resources, Development Finance, Trade and Exchange, Financial Policy and Regulation, and Procurement and Support Services.

Many of the affected staff received their termination letters unexpectedly on Friday afternoon. An unsigned sample of the termination letters obtained by The Nation reads:

In line with our new mission and vision, the Bank is currently undergoing a significant organisational 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.

An X user, @UncleDeji™, shared the news of the layoffs, stating that executive directors and nearly 200 staff members from various departments were affected.

This follows a previous wave of layoffs between March 15 and April 11, 2024, where 117 staff were dismissed.

Sources within the bank confirmed the sackings, indicating that the criteria for the layoffs remain unclear. The sources revealed that more cuts are expected in the coming months, and the recent dismissals included directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff. The bank’s Director of Corporate Communication, Hakama Sidi Ali, is yet to issue a public statement on the development.