CBN lays off 200 staff in restructuring move 

The Central Bank of Nigeria (CBN) has laid off almost 200 employees across various departments in a bank-wide restructuring exercise.

The latest round of job cuts across several departments, including: Human Resources; Development Finance; Trade and Exchange (including a prominent director, Dr. Hassan Mahmud); Financial Policy and Regulation and Procurement and Support Services (All service coordinators in the PSSD who predominantly can be found in the state branches were laid-off on Friday)

Many of the affected staffers were reportedly surprised to receive termination letters Friday afternoon with their employment ending “immediately.”

The CBN attributed the layoffs to a “significant organisational and human capital restructuring process” aligned with the bank’s recently publicised strategic direction and its new mission and vision. A sample termination letter obtained by The Nation states: “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,” it stated.