The Central Bank of Nigeria (CBN) has let go of 200 workers on Friday. This comes after earlier dismissals from the bank in recent months.
Beyond Boders reports that between March 15 and April 11, 2024, the bank already sacked 117 employees. This new wave affects staff at various levels, including directors, deputy directors, assistant directors, principal managers, senior managers, and other lower-level employees.
Sources from within the bank confirmed the news. One staff member said, “It is true and confirmed.”
Another source mentioned that the number could be higher than 200 and that more layoffs are expected in the coming months.
A letter from the Human Resources Department, dated May 24, 2024, explained that the layoffs are part of a plan to reorganize the bank for better performance.
The letter stated, “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.”
In February, CBN had also moved 1,500 staff from its headquarters in Central Area to its office in Lagos. The bank said this was to better align its structure and comply with building safety standards.
Attempts to reach the bank’s Director of Corporate Communication, Hakama Sidi Ali, were unsuccessful.
