The Central Bank of Nigeria (CBN) recently fired 40 employees, mostly from the development finance department (DFD), according to Daily Trust.
Specific information about the affected individuals is scarce because the termination letters were sent out late.
One of the employees who was let go is Musa Zgabawa Bulus, an Assistant Director in charge of the National Collateral Registry (NCR) at the CBN.
The NCR, which aims to improve access to finance for Nano, Micro, Small, and Medium Enterprises (MSMEs) by using movable assets, is part of the development finance department.
The majority of affected staff were deputy directors and assistant directors, with 22 from the DFD and 18 from the Medicals and Procurement Services Department.
The recent wave of dismissals comes after a previous round where 27 staff members were let go, including directors, deputy directors, assistant directors, principal managers, and senior managers.
The decision to terminate staff from the DFD is part of the CBN’s broader restructuring efforts, which involve moving away from direct development interventions.
CBN Governor Olayemi Cardoso has stressed the importance of the apex bank, focusing on its core functions of monetary policies and advisory roles to support economic growth.
Cardoso expressed concerns about the negative impacts of extensive development finance interventions, pointing out potential inefficiencies and distortions in the economy due to excessive money supply influxes.
