CBN Stops Banks From Mass Sack Of Staff

The Central Bank of Nigeria (CBN) has stopped banks from proceeding with mass sack of their staff without approval from the apex bank.

The resolution was communicated to bank chiefs during the Bankers’ Committee meeting last Friday.

A circular signed by Director, Financial Markets Department, CBN, Angela Sere-Ejembi, also requested the banks to furnish it with samples of the contract letter issued to outsourced staff of the banks.

“Banks should note and be guided by the CBN circular in respect of laying off staff that is more than five. This requires apex bank’s notification and approval going forward.”

The exception according to the CBN is when the number of staff being sacked is five or less.

Many Nigerian banks regularly retrench their staff as a way of cutting down costs.

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