The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has revealed that about 1,000 staff members voluntarily resigned from the institution in recent months. Speaking at a media briefing in Abuja, Cardoso stated that the resignations were part of an ongoing restructuring process aimed at improving the bank’s operational efficiency. He dismissed rumors of forced layoffs, emphasizing that the exits were entirely voluntary and were conducted in a professional manner.
Cardoso explained that the restructuring was necessary to reposition the apex bank to better handle Nigeria’s economic challenges. According to him, the CBN is focused on strengthening its core functions, particularly in managing inflation, stabilizing the naira, and driving financial inclusion. He noted that the bank’s workforce needed to be more aligned with its current priorities, which required a shift in strategy and personnel management.
However, the mass resignation has raised concerns about staff morale and job security within the CBN. Industry analysts believe the development may impact the bank’s overall performance if experienced personnel are not replaced promptly. Critics have also expressed concerns about the potential loss of institutional knowledge, which could affect the CBN’s ability to effectively manage monetary policy and regulate the financial sector.
Cardoso reassured stakeholders that the bank is taking steps to address the situation. He mentioned that the CBN is reviewing its hiring policies to attract top talent while also implementing programs to boost staff engagement and retention. He added that the bank remains committed to ensuring a stable financial system and will not allow internal changes to affect its core responsibilities to the Nigerian economy.
The revelation has sparked discussions about the state of Nigeria’s financial sector and the role of the CBN in maintaining economic stability. While some applaud the move as necessary for reform, others worry about its short-term impact on the institution’s efficiency. As the CBN continues its restructuring process, many will be watching closely to see how these changes influence the bank’s operations and the broader economy.