The Central Bank of Nigeria, CBN has said banks are no longer allowed to sack more than five staff without its approval.

This was part of the communiqué released by 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 a sample of Contract Letter issued to outsourced staff + SLA with the company being used to run outsourced staff.

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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.

The committee noted that while it was working on how to reduce the level of job losses in the sector, there would always be reasons people would have to be sacked from their workplaces.

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