The Central Bank of Nigeria (CBN) has let go of another batch of 40 employees, mostly from its development finance department (DFD), as part of its ongoing restructuring. This news comes on the heels of an earlier dismissal of 27 staff, bringing the total number affected to 67.
Focus shift from development finance
Daily Trust reports that the dismissals are likely connected to the CBN’s refocus away from development finance interventions. Governor Olayemi Cardoso has previously voiced concerns about such interventions, arguing that they take the bank outside its core function and can distort the economy.
National collateral registry head affected
Among those let go in this latest round is Musa Zgabawa Bulus, an Assistant Director who headed the National Collateral Registry (NCR). The NCR is an initiative aimed at improving access to finance for small and medium-sized enterprises (MSMEs) by leveraging movable assets as collateral.
