CBN Sacks 40 Staff

The Central Bank of Nigeria (CBN) has proceeded with its staff restructuring by terminating the employment of 40 individuals, primarily from the development finance department (DFD).

Because the sack letters were released late Friday, details of those affected are sketchy.

The impact primarily affected deputy directors and assistant directors, with 22 individuals from the DFD and the remaining 18 from the Medicals and Procurement Services Department.

A minimum of 27 staff members, primarily directors at the Central Bank of Nigeria, were impacted by the initial wave of terminations, with additional layoffs expected in the near future.

Eight directors, 10 deputy directors, five assistant directors, two principal managers, and two senior managers were impacted by the situation.

The recent increase in the number of staff affected has brought the total to 67, suggesting a trend under the leadership of the Olayemi Cardoso-led Board of Governors.

Daily Trust reports that the move may not be unconnected with the refocusing of the CBN away from development finance interventions.

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The CBN governor had on several occasions voiced his concern about the development finance intervention of the apex bank.

On October 12, 2023, the CBN governor said the apex bank would pull back from direct development interventions, stressing the need for the apex bank to return to its core function of monetary policies.