CBN Embarks on Massive Staff Layoffs, Over 200 Affected

[Iyanuoluwa]

CBN Embarks on Massive Staff Layoffs, Over 200 Affected

In a move that has sent shockwaves through the financial community, the Central Bank of Nigeria (CBN) has sacked over 200 staff members, with more dismissals expected in the coming months. This latest round of layoffs follows a similar exercise in March and April, which saw 117 staff members let go.

According to sources within the apex bank, the affected staff members include Directors, Deputy Directors, Assistant Directors, Principal Managers, Senior Managers, and lower-ranking staff. The sackings are part of a larger restructuring effort aimed at aligning the bank's structure with its functions and objectives.

In February, the CBN had redeployed over 1,500 staff members from its Abuja headquarters to its Lagos office, citing the need to redistribute skills and ensure a more even geographical spread of talent. The bank had also cited compliance with building regulations and the findings of the Committee on Decongestion of the CBN Head Office as reasons for the redeployment.

While efforts to reach the CBN's Director of Corporate Communication, Hakama Sidi Ali, for comment have been unsuccessful, sources indicate that the bank is expected to continue its restructuring efforts in the coming months, with more staff members likely to be affected.

The news has raised concerns about the impact of the layoffs on the bank's operations and the wider financial sector. As the apex bank continues to grapple with the challenges of a rapidly changing economic landscape, it remains to be seen how these staff cuts will affect its ability to regulate the financial system and promote economic growth.

What do you think about the CBN's decision to sack over 200 staff members?
Share your thoughts in the comments!