Approximately 200 employees have been sacked by the Central Bank of Nigeria across various departments in a bank-wide restructuring exercise.

The departments affected include 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).

It was gathered that many of the affected staff were reportedly surprised to receive termination letters on Friday, May 24, with their employment ending immediately.

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

Some of the sack letters read;

“In line with our new mission and vision, the Bank is currently undergoing a significant organizational 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.”