The Central Bank of Nigeria (CBN) has laid off nearly 200 employees in a bank-wide restructuring exercise affecting various departments.
The job cuts, announced on Friday, impacted employees in Human Resources, Development Finance, Trade and Exchange, Financial Policy and Regulation, and Procurement and Support Services. Among those laid off was prominent director Dr. Hassan Mahmud.
The affected employees were reportedly taken by surprise, receiving termination letters on Friday afternoon, effective immediately. The CBN attributed the layoffs to a “significant organisational and human capital restructuring process” aligned with the bank’s newly publicised strategic direction and mission.
A sample termination letter obtained by *The Nation* states: “In line with our new mission and vision, 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.”
The full impact of these job cuts is yet to be seen. While the CBN emphasises that the restructuring is in alignment with its new strategic direction, the abrupt nature of the layoffs has caused significant concern and disruption among the affected staff.
