The Central Bank of Nigeria (CBN) is set to retire around 1,000 employees by December 31, 2024, as part of a strategic workforce realignment. Reports indicate that the move, spearheaded by CBN Governor Olayemi Cardoso, will cost the apex bank ₦50 billion.

According to a report from Daily Trust, the planned retirement follows a wave of staff disengagement over the past 10 months, including the exit of 17 directors who served under former CBN Governor Godwin Emefiele. This latest development is aimed at streamlining operations within the institution.

A circular issued by the CBN three weeks ago invited employees across all levels to apply for the Early Exit Package (EPP) before the deadline on Saturday, December 7, 2024. However, certain employees are exempt, including those yet to be confirmed or who have less than one year of service as of the announcement date.

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The circular also detailed financial incentives, stating, “Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments.” The effective exit date has been set for the end of the year.

While the initiative reflects the CBN’s broader restructuring agenda, the bank has yet to make an official statement confirming the planned retirement of 1,000 employees. The move has generated widespread interest as stakeholders await further details on its potential impact on the financial sector.