Massive Layoffs Shake CBN Amidst Major Restructurings

By Joke Kujenya

A SIGNIFICANT overhaul at the Central Bank of Nigeria (CBN) has resulted in the termination of approximately 200 staff members across several departments.

Reports say key divisions impacted by this shake-up include Human Resources, Development Finance, Trade and Exchange, Financial Policy and Regulation, and Procurement and Support Services.

Among the notable figures affected is Dr. Hassan Mahmud, a high-ranking director within the Trade and Exchange department.

The wave of dismissals has particularly hit the Procurement and Support Services Department, where all service coordinators stationed in state branches received their termination notices on Friday.

These abrupt notifications, delivered on Friday afternoon, left many employees stunned as their roles were unexpectedly terminated.

The CBN, it was noted, has justified these layoffs as part of an extensive “organizational and human capital restructuring process” and that the initiative is said to align with the bank’s newly articulated strategic objectives, mission, and vision.

The broader implications of this restructuring, and the full scope of the job cuts, remain unclear.

However, the sudden nature of these dismissals has sparked considerable concern and disruption among the affected workforce.

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