The Central Bank of Nigeria (CBN) has embarked on a comprehensive restructuring exercise, resulting in the termination of approximately 200 employees across various departments.

This move is aimed at aligning the bank's operations with its newly announced strategic direction and mission.

Many affected staff members were taken aback by the sudden termination letters they received on Friday, May 24, which brought their employment to an immediate end.

According to the CBN, the layoffs are a result of a "significant organizational and human capital restructuring process" aimed at realigning the bank's operations with its new strategic direction and mission.

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.”

The CBN's restructuring exercise marks a significant shift in the bank's operations, and while it may have come as a surprise to many, it is essential for the bank's growth and alignment with its new vision. The affected employees will undoubtedly face challenges, but the bank's commitment to its new strategic direction is clear.