CBN continues staff disengagement, sacks 40 more employees

The Central Bank of Nigeria (CBN) has reportedly terminated the employment of another batch of 40 staff members, primarily from the development finance department (DFD), according to Daily Trust.

Details regarding the affected individuals are limited due to the late release of the termination letters.

However, it was confirmed that Musa Zgabawa Bulus, an Assistant Director heading the National Collateral Registry (NCR) within the CBN, was among those affected.

The NCR, an initiative aimed at enhancing access to finance for Nano, Micro, Small and Medium Enterprises (MSMEs) by leveraging movable assets, falls under the purview of the development finance department.

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Most affected staff were reported to be deputy directors and assistant directors, with 22 from the DFD and 18 from the Medicals and Procurement Services Department.

This recent wave of dismissals follows a previous round in which 27 staff members were let go, including directors, deputy directors, assistant directors, principal managers, and senior managers.

The decision to terminate staff members from the DFD is believed to be part of the CBN’s broader restructuring efforts, which include a shift away from direct development interventions.

CBN Governor Olayemi Cardoso has previously emphasized the need for the apex bank to refocus on its core functions of monetary policies and advisory roles to support economic growth.

Cardoso highlighted concerns about the adverse effects of extensive development finance interventions, citing potential inefficiencies and distortions in the economy caused by excessive money supply influx.