WHAT YOU NEED TO KNOW ABOUT EMPLOYMENT CONTRACTS

An employment contract also known as contract of employment is an agreement that covers the working relationship between an employer and an employee. It allows both parties to clearly understand their obligations, responsibilities and the terms of employment. An employment contract must clearly define all terms and conditions of the employment relationship. Under Section 91

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Does the Central Bank of Nigeria have the power to stop banks from laying off their staff?

On the 3rd of May a press statement banning all banks from laying off staff (full time and part time) during this pandemic was released by the CBN. This press statement was an outcome of a meeting held between them and the Bankers’ Committee (this committee comprises of representatives from every bank in Nigeria. The Apex Bank in this press statement also stated that its approval must be sought if it becomes absolutely necessary to lay off or retrench staff.

The question begging for answer is, “Does the CBN have such power?”