The Central Bank of Nigeria (CBN) may retire about 1,000 of its employees by December 31, 2024.

According to a report by Daily Trust, the exercise will cost the apex bank N50 billion.

The move 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.