CBN Cuts Personnel Costs by N193 Billion as Expenses Decline 32.4%

The Central Bank of Nigeria (CBN) significantly cut its personnel expenses by N193.14 billion in 2025, bringing the total down by 32.4% to N402.76 billion. This reduction stems from reforms, including a voluntary early exit program, aimed at streamlining operations under Governor Olayemi Cardoso.

At the group level, personnel expenses also saw a substantial drop of N192.29 billion, or 31.6%, from N608.55 billion in 2024 to N416.26 billion. The largest savings came from "other staff expenses," which plummeted from N305.52 billion to N86.27 billion. However, "other staff allowances" saw an increase during the same period.

Despite the overall reduction in personnel costs, the CBN's operating expenses surged, more than doubling to N2.60 trillion. This increase was largely fueled by currency management costs, which jumped 83.8% to N579.21 billion. The bank attributed this to expenses related to printing, processing, distribution, and disposal of currency notes.

Furthermore, the CBN's employee benefit obligations rose sharply. Employee benefit liabilities for the bank increased to N206.09 billion in 2024, up from N80.40 billion in the previous year. This rise was primarily driven by post-employment gratuity liabilities, which climbed to N240.32 billion for the bank.