There are indications that the Central Bank of Nigeria (CBN) may retire about 1,000 of its employees by December 31, 2024.

This is according to a recent report by Daily Trust, which states that the exercise will cost the apex bank N50 billion.

The CBN, led by Olayemi Cardoso, described the move as a strategic realignment of its workforce.

This comes as, in the last 10 months, the CBN disengaged many of its staff, including 17 directors who served under the immediate past governor, Godwin Emefiele.

In a circular released three weeks ago by the CBN, it stated that the application for the Early Exit Package (EPP) was open to all cadres of staff and would close by Saturday, December 7.

According to the circular, staff exempted are those yet to be confirmed or who have served less than one year “as of the date of publication,” with the effective date of exit set at December 31, 2024

“Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments,” it added.

However, the apex bank is yet to officially comment on the planned retirement of 1,000 staff by year-end.

The Central Bank of Nigeria (CBN) has warned that it will impose severe penalties on banks failing to address the ongoing cash scarcity at automated teller machines (ATMs).

Olayemi Cardoso, the CBN governor, issued the warning during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday.

The cash crunch has drawn public attention, with some Nigerians taking to X on November 13 to express frustrations over empty ATMs and reliance on point-of-sale (POS) operators. Two days later, the CBN directed banks to prioritise ATM cash disbursements and cautioned that penalties would be imposed on those enabling currency hawking.

“We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians,” Cardoso said. “To address this, we are conducting spot checks across deposit money banks, and we will impose penalties on underperforming institutions.”

The CBN governor announced measures to empower customers, starting December 1, 2024. “Customers are encouraged to report any difficulties with withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states. Guidelines will be distributed widely to raise public awareness. We will also urge full regulatory compliance by all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve service delivery.”

Cardoso reiterated that financial institutions engaging in malpractices or sabotage would face severe consequences. “The CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.”

On foreign exchange (FX) matters, Cardoso highlighted Nigeria’s missed opportunity for N6.2 trillion in potential revenue due to a less flexible FX regime. “These funds could have significantly contributed to critical investments in education, healthcare, and infrastructure development,” he said.

The governor added that the apex bank is committed to rebuilding Nigeria’s economic resilience through targeted reforms. These include prioritising domestic refining capacity, promoting non-oil exports, and advancing technological innovations in the financial sector.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has further raised interest rate by 25 basis points to 27.50 per cent from 27.25 per cent.

The Governor of the CBN and Chairman of the MPC, Yemi Cardoso, announced the raise on Tuesday in Abuja, while presenting a communiqué after the 298th meeting of the committee.

Cardoso, however, announced that the committee also decided to hold all other parameters constant.

The MPC, thus, retained the Cash Reserved Ratio (CRR) at 50 per cent for Deposit Money Banks (DMBs) and 16 per cent for merchant banks, retained the Liquidity Ratio at 30 per cent, and also retained the Assymetric Corridor at +500/-100 basis points around the MPR.

Cardoso said that the decisions were unanimously adopted by all 12 members of the MPC who were present at the meeting.

Tuesday’s decision is the sixth consecutive tightening of the MPR since Cardoso assumed office as CBN governor.

The first decision under Cardoso was an aggressive hike in the MPR by 400 basis points from 18.75 per cent to 22.75 per cent in February.

In March, the committee, again, increased the MPR by 200 basis points to 24.75 per cent, followed by subsequent hikes to 26.25 in May, 26.75 per cent in July, and 27.25 basis points in September.

Cardoso has, thus, raised the MPR by 875 basis points since he assumed office.

These decisions are aimed at combating inflation, stabilising the economy, and promoting economic growth.(NAN)