On Friday, the Central Bank of Nigeria (CBN) dismissed another 200 employees. This is part of an ongoing wave of layoffs at the bank. Between March 15 and April 11, 2024, the bank had already let go 117 staff members.

The recent terminations include directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff. Sources within the bank confirmed the news, stating that the number of those dismissed is no less than 200. The affected individuals include older directors who were not impacted by the previous round of layoffs.

One bank staff member, in a brief 20-second call, confirmed the news, saying, “It is true and confirmed.” The employee, who did not share more details to avoid repercussions, mentioned that the lack of clear criteria for these decisions has created anxiety among employees at all levels.

The sack letters, issued by the Human Resources Department on May 24, 2024, cited the need to reorganize the bank for better efficiency as the reason for the terminations.