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

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.”