Public anxiety grows as CBN lays off additional 200 staff 

Oru Leonard 

Not less than 200 officials of the Central Bank of Nigeria were on Friday relieved of their duties.

This is an addition to the long list of ongoing disengagements in the apex bank, as it adds to the list of 117 staff sacked by the bank between March 15 and April 11, 2024.

The sacked personnel 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 staff were reportedly surprised to receive termination letters on 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 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.”

There has been outcry from the public on the full impact of these job cuts which remains to be seen.

The sudden nature of the layoffs has caused anxiety for the affected staff and dependants.