The Central Bank of Nigeria (CBN) intends to retire approximately 1,000 employees by December 31, 2024: this initiative is part of a strategic realignment of its workforce.
According to a report by *Daily Trust*, the undertaking will incur a cost of ₦50 billion. CBN Governor Olayemi Cardoso characterized this move as a purposeful strategy aimed at restructuring the operations of the institution.
Over the past 10 months, the CBN has disengaged several employees, including 17 directors who had served during the tenure of former Governor Godwin Emefiele. A circular, issued three weeks ago, provided details of the Early Exit Package (EPP), which is accessible to all confirmed staff. Applications are set to close on Saturday, December 7.
However, employees who have less than one year of service or are awaiting confirmation are deemed ineligible. The proposed exit date for approved applicants is December 31, 2024.
This circular further indicated that eligible employees would receive financial incentives that cover their remaining service period, capped at 18 months of their current grade's gross annual salary. Although the CBN has yet to issue an official statement to confirm the retirement of 1,000 staff members, the preparations appear to be well underway.
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