The Central Bank of Nigeria (CBN) is reportedly planning to retire about 1,000 of its employees by December 31, 2024, according to a recent report by Daily Trust.
The exercise is expected to cost the apex bank N50 billion. The CBN, under the leadership of Olayemi Cardoso, described the move as a strategic realignment of its workforce.
In the past 10 months, the CBN has already disengaged many of its staff, including 17 directors who served under the immediate past governor, Godwin Emefiele.
A circular released by the CBN three weeks ago stated that the application for the Early Exit Package (EPP) was open to all cadres of staff and would close by December 7. Staff exempted from the EPP are those yet to be confirmed or who have served less than one year as of the date of publication, with the effective date of exit set at December 31, 2024.
The circular also mentioned that financial incentives for all other cadres of staff would be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments.
However, the CBN is yet to officially comment on the planned retirement of 1,000 staff by year-end.
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