CBN bars banks from sacking more than 5 staff without approval

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CBN magic-fm

Central Bank of Nigeria (CBN) has given a stern warning to all banks to seek its approval before sacking more than five staff. The bank gave the warning in a communique released through the Bankers Committee after its meeting on Friday.

The committee, in a circular signed by Director, Financial Markets Department, CBN, Angela Sere-Ejembi, emphasized that all banks should send sample of Contract Letter issued to outsourced staff + SLA with the company being used to run outsourced staff.

It stated, “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 Bankers’ Committee had said the mass sacking in banks would be reduced in the shortest time possible.

It explained that while the decision to sack bank workers had elicited a lot of sentiments from both the public and private sectors, the banks understood the implications of having to relieve workers of their jobs in view of the current economic situation in the country.