The Central Bank of Nigeria (CBN) reduced its personnel expenses by N193.14 billion in 2025 following the implementation of its voluntary Early Exit Programme, according to the apex bank’s audited financial statements.
Personnel costs for the CBN fell by 32.4 per cent to N402.76 billion in 2025, compared with N595.90 billion recorded in 2024.
At the Group level, personnel expenses declined by N192.29 billion, or 31.6 per cent, from N608.55 billion to N416.26 billion during the same period.
The reduction followed the workforce restructuring programme introduced under Governor Olayemi Cardoso as part of efforts to streamline operations, improve efficiency and reposition the apex bank.
The largest decline came from other staff expenses, which fell from N305.52 billion to N86.27 billion for the Bank. Staff allowances, however, rose from N191.82 billion to N225.97 billion.
Defined benefit plan expenses also declined from N36.58 billion to N28.21 billion, while wages and salaries fell marginally from N44.49 billion to N43.92 billion. Pension costs under the defined contribution scheme increased slightly to N18.39 billion from N17.49 billion.
Operating costs surge
Despite the substantial reduction in personnel expenses, the CBN’s overall operating costs increased sharply during the year.
Currency issue expenses rose by 83.8 per cent to N579.21 billion from N315.18 billion in 2024. At the Group level, the cost increased by 94.5 per cent to N464.13 billion from N238.65 billion.
Other operating expenses also surged, reaching N1.56 trillion for the Bank from N248.31 billion a year earlier, while Group expenses rose to N1.66 trillion from N312.67 billion.
As a result, total operating expenses more than doubled to N2.60 trillion for the Bank and N2.61 trillion for the Group.
Despite the higher operating costs, the CBN reported a profit of N86.81 billion in 2025, compared with N38.84 billion in 2024. The Group posted a profit of N136.44 billion.
The staff-cost reduction followed the exit of about 1,000 employees under the CBN’s voluntary Early Exit Programme. The bank had said the exercise was part of its restructuring and digital transformation efforts and was intended to address redundancies created by the shift towards more technology-driven operations.
However, employee benefit liabilities increased significantly despite the lower personnel expenses. The Bank’s employee benefit liabilities rose to N206.09 billion from N80.40 billion, while the Group’s liabilities increased to N212.28 billion from N79.23 billion.
The CBN attributed its broader restructuring agenda to efforts to strengthen governance, improve operational efficiency and enhance the resilience of the institution.
