The Central Bank of Nigeria (CBN) has laid off at least 200 employees from various departments in a bank-wide restructuring exercise.

It was gathered that the latest round of job cuts across 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 Friday afternoon with their employment ending immediately.

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

A sample termination letter sighted states: “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.”

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