There have been speculations that Nigerian banks may soon embark on mass retrenchment of workers if nothing is done to curb the fall in Naira due to federal government devaluation policy.
Currently the exchange rate of naira to a dollar is N215 at the black market in Lagos.
The declining state of Naira in recent times is reportedly hitting the banks below the belt and some would have no option than to lay off some staff and cut some of their expenses in case the situation worsens.
President of the Association of Senior Staff of Banks, Insurance and Financial Institution (ASSBIFI), Comrade Sunday Salako was quoted as saying “There is no way the Naira fall in the country will not affect the banks. Most of the banks in Nigeria also borrowed in foreign denominated currencies.
“They have to pay more in Naira now to service the loan because of the fall in Naira value. That will have a toll on the balance sheets of the banks.”
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