How Nigerian Banks Sacked 2,929 Workers In Three Months

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A report by the National Bureau of Statistics (NBS) has shown that deposit money banks in the country sacked 2,929 workers in the third quarter of 2019.

The report on the selected banking sector for the third quarter by the NBS oon its website showed that the staff strength of the banks reduced by 2,929 in the quarter with 101,435 total staff as against the 104,364 recorded in the second quarter of the year.

The data stated that the latest figure represents a 2.81% decrease in the staff strength of the banks The bureau also said the staff strength reduced by 1,386 when compared to the 102,821 staff recorded in the same period last year.

Regarding Banking Transactions, the NBS said the banking sector recorded a volume of 800,201,498 transactions valued at N42.76 trillion naira on Electronic Payment Channels within the three months of the third quarter (July – September).

“NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded. 298,988,572 volume of NIP transactions valued at N26.18trillion were recorded in Q3 2019,” the report stated.

Meanwhile, as the unemployment rate in Nigeria continues to remain a challenge, the World Bank has said that a total of five million Nigerians have joined the labour force in 2018.