The Central Bank of Nigeria (CBN) is planning to retire around 1,000 employees as part of a strategic workforce realignment. The bank has allocated over N50 billion for severance packages for those affected. The voluntary Early Exit Package (EEP) has been offered to all staff, except those with less than a year of service or who are yet to be confirmed, with the exit date set for December 31, 2024. As of now, 860 staff members have already applied for the package.

The bank is targeting senior supervisors and deputy managers, offering them financial incentives based on their remaining service period. The package for senior staff includes up to 60 months of their gross annual salary. CBN staff have expressed concern over the mass retirement, with tensions running high among employees. The bank has yet to respond to media inquiries about the retirement plan.