On Wednesday, the Central Bank of Nigeria (CBN) clarified that its Early Exit Package is entirely voluntary, assuring eligible staff and the public that no employee would be forced into early retirement.

In a statement issued by the Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, the bank emphasized that the initiative is designed to support career development and improve operational efficiency.

The program, initially available only to executive-level staff, has been extended to all eligible employees following consultations with the Joint Consultative Council (JCC), which represents staff interests.

Mrs Sidi-Ali dismissed concerns of adverse repercussions for employees who choose not to participate in the scheme, reiterating that participation is optional.

She further explained that the initiative is part of broader internal reforms aimed at enhancing the professional growth and welfare of CBN staff.

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The bank remains committed to supporting employees and ensuring their development while fostering a conducive work environment.

Reports indicate that the CBN is preparing to retire approximately 1,000 employees as part of a strategic workforce realignment under Governor Olayemi Cardoso.

A severance package exceeding ₦50 billion has reportedly been allocated for the initiative, which aims to streamline operations and reduce staff numbers. However, the House of Representatives has intervened, urging the suspension of the retirement exercise pending an investigation.

Lawmakers have set up an ad hoc committee to evaluate the economic and institutional impact of the reported retirements on Nigeria’s financial sector.

The House also emphasized the importance of engaging the CBN leadership to ensure that the retirement program does not undermine the bank’s operations or the broader economy.