A substantial workforce reduction has taken place within the Central Bank of Nigeria (CBN), where over two hundred employees were let go yesterday, Friday under the direction of the bank’s Governor, Olayemi Cardoso. This decision follows earlier job cuts that saw 117 staff leave between March 15th and April 11th, 2024.
The recent wave of dismissals spans various levels of the organization, including directors, deputy directors, assistant directors, principal managers, and senior managers, down to entry-level positions.
Inside sources confirmed the terminations, noting that those affected exceed 200 but did not specify the exact number. This round of restructuring reportedly included some older directors who had previously been spared in earlier rounds of layoffs.
Another bank insider indicated that additional job cuts are anticipated in the future, rolling out in staggered phases.
Termination letters, issued by the CBN’s Human Resources Department on May 24, 2024, pointed to “significant organisational and human capital restructuring” as the cause for the dismissals.
The letter, which was not personally signed, conveyed the severance:
“The bank’s new strategic direction has prompted an extensive review. Unfortunately, this means that your services will no longer be needed from May 24, 2024. You will receive information about your final entitlements shortly. We thank you for your service.”
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In earlier reports by News Central, it was highlighted that the CBN had relocated approximately 1,500 of its staff members from the Abuja headquarters to the Lagos office in February 2024.
Reasons cited for this large-scale transfer included structural realignment, skill optimization, and adherence to building safety norms.
