CBN personnel expenses drop by N193 billion after voluntary staff exit

In 2025, the Central Bank of Nigeria (CBN) managed to trim its personnel expenses by a significant N193.14 billion, or 32.4%, bringing the total to N402.76 billion. The bank's overall expenses also saw a decrease of N192.29 billion, or 31.6%, reaching N416.26 billion. This reduction was a result of the CBN's voluntary Early Exit Programme, which saw 1,000 staff members resign voluntarily.

Despite the lower personnel costs, the CBN saw a rise in employee benefit obligations, with liabilities increasing to N206.09 billion for the bank and N212.28 billion for the group. This increase was primarily due to post-employment gratuity liabilities. The bank's employee benefit liabilities rose to N206.09 billion from N80.40 billion in 2024, while the group's liabilities climbed to N212.28 billion from N79.23 billion.

The decline in payroll expenses was not matched by lower operating costs, as other expenditure categories saw a significant increase. Yet, the bank still reported a profit of N86.81 billion in 2025, up from N38.84 billion in 2024, and the group recorded a profit of N136.44 billion, up from N38.84 billion in the previous year. The reduction in costs is part of the CBN's ongoing reforms aimed at enhancing operational efficiency and resilience under the leadership of Governor Olayemi Cardoso.

The bank is also strengthening the financial system and improving governance as part of its transformation agenda.