New employment opportunity looms as CBN retires 1,000 staff and offers N50 billion in rewards

• The Central Bank of Nigeria plans to retire about 1,000 staff and has issued a circular to this effect.
• The bank released a circular three weeks ago saying that application for an early exit package (EPP) has been opened for a certain caliber of employees.
• According to reports, about 860 staff have already retired and could earn close to N100 million for four years of service.

Legit.ng’s Pascal Opada reported on technology, energy, stocks, investments and economy for over a decade.

Barring any last minute issues, the Central Bank of Nigeria (CBN) will retire about 1,000 staff before the end of the year.

Sources in the bank disclosed that the retirement would cost the apex bank to the tune of N50 billion for the retiring employees.

CBN offers employees early retirement

The CBN board, led by Olayemi Cardoso, has expressed its commitment to reduce the workforce as part of a strategic realignment.

Reports say that in the past 10 months, the bank has fired several employees, including 17 executives, who served under the embattled governor, Godwin Emefiele.

According to the report, the financial institutions regulator released a circular three weeks ago saying that application for the Early Exit Package (EPP) was open to all caliber employees and will close on Saturday, December 7, 2024.

Daily trust reports that the bank has exempted employees whose appointments have not yet been confirmed or who have served for less than a year.

The findings show that the bank is targeting the retirement of around 1,000 employees.

The report revealed that an anonymous source said that about 860 employees have already shown interest and applied for PPE.

CBN offers juicy incentives to retiring employees

The bank’s management described the PPE as a voluntary scheme that gives eligible employees an incentive to leave early. He warned that the offer cannot be canceled once employees apply.

The circular stated that financial incentives for senior supervisors to deputy directors would be for the remaining period of service, up to a maximum of 60 months of the current grade’s gross annual salaries.

It also revealed that financial incentives for managers should be for the remaining period of service, up to a maximum of 36 months of current gross annual salaries.

The EPP also offers other incentives such as financial planning and entrepreneurial capacity building programmes, laptop purchases in line with the current CBN policy and extended medical assistance for up to three months after exit.

The report quoted sources in the bank as saying that the bank is offering N97 million for a four-year service.

CBN will replace the sacked directors

Legit.ng reported that 17 directors dismissed by the bank about ten months ago would soon be replaced.

According to information on the CBN website, as of Sunday, December 1, 2024, each of the 13 departments is headed by a coordinator.

A replacement circular would have stated that deputy directors with two years or less of retirement are not eligible and that each applicant must apply for only one of the listed positions.

Experts said the exit of employees would allow the bank to hire them en masse. However, they urged the bank to be fair in the hiring and firing process.

CBN clarifies position on foreign currency conversion in accounts

Legit.ng previously reported that the CBN had issued new rules Clarifying that commercial, commercial and non-interest bearing banks (CMNIBs) should allow holders to convert their internationally tradable foreign currency (ITTC) balances in designated local currency domiciliary accounts, nairaat any time, using the exchange rate in effect.

The bank revealed that all conversions must be fully disclosed and reported as part of the bank’s exchange rate requirements.

Legit.ng reported that in February 2024, the apex bank reiterated that it will not compel residential account holders to convert their holdings into naira.

Source: Legit.ng