CBN Sacks 200 Employees In Latest Restructuring Move

The recent restructuring at the Central Bank of Nigeria (CBN) has resulted in the termination of approximately 200 employees from different departments.

Naija News learnt that the job cuts affected areas such as Human Resources, Development Finance, Trade and Exchange (which included Dr Hassan Mahmud, a notable director), Financial Policy and Regulation, and Procurement and Support Services.

Notably, all service coordinators in the Procurement and Support Services Department, mainly located in state branches, were reportedly let go on Friday.

According to the Nation, the affected employees were taken aback by the sudden termination letters they received on Friday afternoon, marking an immediate end to their employment.

The apex bank attributed the layoffs to a “significant organisational and human capital restructuring process” aligned with the bank’s recently publicized 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 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 true extent of these workforce reductions is yet to be determined.

Although the CBN highlights its adherence to its new strategic course, the abruptness of the layoffs has undoubtedly raised worries and caused turmoil among the impacted employees.