CBN Cuts Personnel Costs by N193bn in 2025

In 2025, the Central Bank of Nigeria (CBN) reduced its personnel expenses by N193.14 billion, achieving a total of N402.76 billion, which represents a 32.4% decline from N595.90 billion in 2024. This reduction followed the implementation of a voluntary Early Exit Programme and other operational streamlining measures under the leadership of CBN Governor Mr.

Olayemi Cardoso. The group's personnel expenses also decreased by N192.29 billion, or 31.6%, from N608.55 billion in 2024.

The most significant reduction was in other staff expenses, which fell from N305.52 billion to N86.27 billion. However, staff allowances increased from N191.82 billion to N225.97 billion.

Despite the reduction in personnel costs, the CBN's overall operating expenses rose, particularly in currency management, which saw an 83.8% increase in expenses to N579.21 billion. Employee benefit obligations increased significantly, with liabilities rising to N206.09 billion for the bank and N212.28 billion for the group.