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The Central Bank of Nigeria (CBN) recently announced plans to disengage 1,000 contract staff as part of a broader restructuring effort under the leadership of Governor Olayemi Cardoso. This move aligns with the bank's strategy to refocus on its primary monetary policy roles rather than its past emphasis on development finance interventions. This shift aims to enhance the CBN's operational efficiency and align with global central banking standards.
To mitigate the impact of this large-scale disengagement, the CBN has allocated a ₦50 billion fund for severance payments. The payout is designed to ensure fair compensation for affected staff and ease their transition. Each employee's severance package will be calculated based on their contract terms, years of service, and role within the organization.
The decision has sparked mixed reactions, with concerns about job security among remaining staff and the broader implications for Nigeria's financial sector. However, the restructuring is part of a larger effort to strengthen the bank’s governance and financial stability.