The Central Bank of Nigeria (CBN) has retrenched approximately 200 employees across various departments in a bank-wide restructuring exercise.

This latest round of job cuts impacted 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 yesterday afternoon with their employment ending immediately.

The CBN attributed the layoffs to a “significant organizational and human capital restructuring process” aligned with the bank’s recently publicised strategic direction and its new mission and vision.

May 25, 2024

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