Tue. May 28th, 2024

Banks must seek approval before sacking more than 5 staff- CBN

Spread the love

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

In a circular signed by Director, Financial Markets Department, CBN, Angela Sere-Ejembi, CBN also instructed all banks to send sample of Contract Letters issued to outsourced staff + SLA with the company being used to run outsourced staff.

Part of the secular read: “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.”

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.