Thousands to be out of job in the Nigerian Banking sector in 2015

 Major banks in Nigeria are planning to lay off their workers amidst the difficult operating conditions said to be imposed on them by the Central Bank of Nigeria, CBN.

The banks are starting to outsource positions to third party companies are are also reportedly planning to reduce the rate at which they establish new branches, which is expected to reduce operating costs.

The difficult regulatory environment, which is due to take toll on the financial sector this year, has forced a number of banks to commence the process of cutting jobs and put on hold branch expansion plans.

While some of the banks laid off some workers late last year, it was learnt that most of the lenders were planning to cut their employees’ numbers this month and in February.

Our correspondent gathered that some of the financial institutions were already outsourcing a number of job functions, a development that has seen some of them transfer a significant number of their employees to third-party companies.