Again, CBN sacks 200 staff in restructuring move

The Central Bank of Nigeria (CBN) on Friday sacked 200 staff 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)

Many of the affected staff were reportedly surprised to receive termination letters on Friday afternoon with their employment ending immediately.

The CBN attributed their sack 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 terse termination letter 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.”