Economy
Hurricane at CBN; 1,000 workers set to go into unemployment market
Barring any last-minute changes, the Central Bank of Nigeria (CBN) will soon retire about 1,000 of its employees before the end of the year, investigations have shown.
Reliable sources at the apex bank’s headquarters revealed that the retirement would gulp over N50 billion in payoff to the affected workers.
In what it described as a strategic realignment of its workforce, the CBN’s Board of Governors, led by Olayemi Cardoso, had expressed commitment to reducing the workforce.
In the last 10 months,t the CBN had disengaged many of its staffers, including 17 directors, who served under the immediate past governor, Godwin Emefiele.
Minimum wage: States race to beat NLC deadline
FG begins malaria vaccination for children today
Those 17 directors are yet to be replaced.
A circular released three weeks ago by the CBN, sighted yesterday by our reporter, said the application for Early Exit Package (EPP) was open to all cadres of staff and will close by Saturday, December 7.
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 31 December, 20, 2024.
Officials told Daily Trust that the apex bank was targeting retirement of over 1,000 staff members.
The officials, who pleaded anonymity, told our correspondent that at least 860 staff from the various departments have already applied for the EPP.
The management described the EEP as a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”
It cautioned that the staffers could not change their minds after applying, saying that all completed and submitted applications are final.
The EEP stated that financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of current grade’s gross annual emoluments.
It also noted that financial incentives for managers shall be for the remaining period in service, up to a maximum of 36 months of current grade’s gross annual emoluments.
“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.
The EEP also provides for non-financial incentives, including “financial planning and entrepreneurial capacity building programme, purchase of laptops in line with the Bank’s current policy and extended medical care for an additional three months for self and dependents after the expiration of the three-month current provision of access to medical windows care by exited employees.”
‘They’re offering me N97m for 4-yr service’
A staff member, who spoke to our reporter, said: “The way they dated the offer, you’ll know that the target is actually from senior supervisors to deputy managers. If you look at it, they’re mostly those that came in within the 9 years of Governor Emefiele.
“For instance, I’ve worked for 4 years in the bank; the package they’re giving me is between N92 million to N97 million.
“Some others have worked up to a manager level and are only entitled to N64.5 million. So, the more time you have to go, the more money they pay you because you know, for them, you don’t have gratuity”, the staff said.
Another staff told Daily Trust yesterday that during a webinar held on Friday, the Human Resource Department of the bank expressed the apex bank’s decision to get the number it was targeting for the EEP.
“There is serious tension, serious apprehension. You can imagine the atmosphere. It is terrible.
“As of Friday, there were 860 people so far that have indicated interest in the EEP,” the staff said. (Text, excluding headline: Daily Trust)
The Nigerian naira depreciated slightly against the United States (US) dollar, trading at N1,343.6398 per dollar at the Central Bank of Nigeria (CBN) official foreign exchange window on Friday, 17th April, 2026.
According to the data on the CBN’s official platform, the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,343.6398/$per dollar and closed at N1,342.5000 per dollar.
When compared with the previous trading rate, the Nigerian currency traded at N1342.3037 on 16th April, 2026. With this, the Nigerian currency depreciated slightly by a minimum of N1.3.
At the parallel market, the naira-to-dollar exchange rate for the buying rate didn’t change while the selling rate increased by N3 when compared to that of the previous trading rate.
According to Aboki FX , the Naira-to-dollar exchange rate at the black market on Friday, 17th April, 2026, was N1,395 and N1,405 per dollar for buying and selling rate respectively.
The Central Bank of Nigeria on Friday unveiled the Nigerian Overnight Financing Rate (NOFR) as a new benchmark for the country’s money market, a move aimed at boosting transparency and improving the effectiveness of monetary policy.
The announcement was made in a statement by the bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali, who noted that the initiative was developed in partnership with the Financial Markets Dealers Association to strengthen Nigeria’s financial system.
According to the apex bank, the new benchmark is designed to bring Nigeria in line with global standards for short-term interest rates, while enhancing price discovery and ensuring more consistent pricing across money market instruments.
The CBN explained that NOFR is expected to improve monetary policy transmission, encourage financial innovation, and boost investor confidence, while also reinforcing risk management practices within the financial system.
With the introduction of NOFR, Nigeria joins other economies that use similar benchmarks, such as SOFR in the United States, SONIA in the United Kingdom, €STR in the Eurozone, TONA in Japan, and JIBAR in South Africa.
The bank disclosed that the rate followed a stakeholder engagement held on February 27, 2026, where market participants adopted the framework before receiving regulatory approval. NOFR is now operational, with the CBN serving as its administrator and responsible for ensuring transparency, governance, and regular publication.
Further details provided in an FAQ document show that NOFR is a risk-free benchmark reflecting the cost of overnight secured lending in the interbank market. Unlike estimates, it is based strictly on actual transactions, improving accuracy and credibility.
The rate is published daily at 10:00 a.m. on the next business day and applies only to naira-denominated overnight secured interbank transactions that meet specified criteria. It is calculated using a volume-weighted trimmed mean approach to remove outliers and ensure reliability.
Where there is insufficient transaction data, the previous day’s rate will be retained and clearly disclosed to maintain consistency.
The CBN clarified that NOFR is not a replacement for key monetary policy tools such as the Monetary Policy Rate but will serve as a reference for pricing financial instruments, contracts, and some corporate loans.
For investors, the benchmark is expected to improve valuation, pricing, and risk management of naira assets, thereby deepening activity in the domestic money market.
While retail customers may not see immediate changes in loan or savings rates, the bank noted that increased transparency from the new system should strengthen overall confidence in Nigeria’s financial sector.
On governance, the CBN stated that any adjustments to the rate would only occur in cases of significant errors and would be fully disclosed, adding that the methodology will be reviewed at least once a year to keep it aligned with market realities.
The Nigerian equities market sustained its bullish momentum on Thursday, delivering a fresh massive gains of N1.663 trillion to investors as market capitalization surged beyond the N136 trillion mark.
At the close of trading, total market value rose by 1.23 percent to N136.435 trillion, up from N134.772 trillion recorded at the start of the session.
In the same vein, the All-Share Index (ASI) advanced by 2,583.61 points, representing a 1.23 percent increase, to settle at 211,901.02, compared to 209,317.41 in the previous trading day.
The market’s Year-To-Date (YTD) return strengthened further to 36.17 percent, while sentiment remained positive as 45 stocks posted gains against 20 decliners.
Leading the gainers’ table were Trans-Nationwide Express and Guinea Insurance, both appreciating by 10 per cent to close at N5.50 and N1.21 per share, respectively. Aradel rose by 9.99 percent to N1,547.50; Ecobank Transnational gained 9.97 percent to close at N61.20, while Daar Communications climbed 9.93 percent to N1.66 per share.
On the losers’ side, Ikeja Hotel topped the chart with a 9.73 per cent decline to N33.40. WAPIC followed with an 8.77 per cent drop to N2.60, while CAP shed 8.61 per cent to close at N95 per share. International Energy Insurance and McNichols also recorded losses of 8.18 per cent and 5.82 per cent, respectively.
Trading activity, however, slowed during the session. Total volume traded declined by 17.19 percent to 584.96 million shares valued at N34.76 billion across 45,559 deals.
Zenith Bank emerged as the most actively traded stock, accounting for 61.74 million shares worth N7.60 billion, representing 10.55 per cent and 21.86 per cent of total volume and value, respectively.
The latest performance extends the market’s winning streak to four consecutive sessions, following a strong N2.28 trillion gain recorded on Wednesday.
ISWAP attacks military base in Borno, kill five soldiers
Nigerian oil governance, Contracts: ‘I was a rubber stamp, Diezani tells UK Court
Army raises alarm over low South-East recruitment
-
Politics24 hours ago2027: Why Tinubu should be afraid — ADC
-
Economy24 hours ago
Monetary Shake-Up! CBN Unveils New Interest Rate Benchmark
-
News24 hours agoCourt Fixes Ruling Date In High-Profile Godwin Emefiele Trial
-
Metro24 hours agoPolice Inspector joins robbery gang, shot dead during operation
-
News24 hours agoAliko Dangote always tells me to save my money – Davido
-
News16 hours agoExpulsion: Bala, Abejide vow to battle Mark-led ADC faction to finish
-
News24 hours agoAwujale Stool: Police Again Summon Kingmakers Over Alleged Bribery in Selection Process
-
News18 hours agoFuel, diesel prices will drop in Nigeria as crude oil slumps
You must be logged in to post a comment Login