JUST IN: CBN Lays Off 200 Staff, Cites Restructuring

The Central Bank of Nigeria (CBN) has laid off nearly 200 employees in a significant restructuring move aimed at realigning the bank’s operations with its newly defined strategic direction.

The layoffs impacted several departments, including Human Resources, Development Finance, Trade and Exchange, Financial Policy and Regulation, and Procurement and Support Services. Notably, Dr. Hassan Mahmud, a prominent director in the Trade and Exchange department, was among those affected. All service coordinators in the Procurement and Support Services Department, primarily based in state branches, were also terminated on Friday.

Many employees were reportedly caught off guard by the termination notices received on Friday afternoon, which took immediate effect.

The CBN cited the layoffs as part of a “significant organizational and human capital restructuring process” designed to align with the bank’s newly articulated mission and vision. A sample termination letter obtained by SK Blog reads: “In line with our new mission and vision, the Bank is currently undergoing a significant organizational 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.”

The full impact of these job cuts remains to be seen. While the CBN stresses that the layoffs are necessary for alignment with its new strategic direction, the abrupt nature of the terminations has likely caused concern and disruption among the affected staff.