Nigerian Banks Sack 2,929 Workers in Three Months

3 December 2019

Even as the Nigerian government continued to promise to reduce unemployment, Deposit Money Banks in the country sacked 2,929 workers in the third quarter of 2019, the National Bureau of Statistics reports.

The details are contained in a report on Selected Banking Sector Data: Sectoral Breakdown of Credit, ePayment Channels and Staff Strength data posted on the NBS website.

According to the report, 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. This represents a 2.81 per cent decrease.

It also reduced by 1,386 when compared to the 102,821 staff recorded in the same period last year.

Banking Transactions

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," it said.

The report also recorded N16.25 trillion as the total value of credit allocated by the bank for the period under review.

It said Oil & Gas and Manufacturing sectors got credit allocation of N3.39trillion and N2.57trillion to record the highest credit allocation as of the period under review.

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