[b]Naira fall: Job losses imminent in banks



Indications emerged yesterday that banks in the country may consider retrenchment and other cost-cutting measures if nothing concrete is done to arrest the free fall of Naira due to Federal Government devaluation policy.
This is just as the exchange rate of naira to a dollar remained at N215 at the black market in Lagos.
Penultimate Wednesday, the Central Bank of Nigeria (CBN) announced the closure of foreign windows in the country in order to save the nation’s economy from collapse due to the Naira fall.
The policy was greeted with mixed feelings by experts and stakeholders in the nation’s economy.
Our correspondent gathered that the downward swing of Naira in recent time is hitting the banks below the belt and would have no choice than to lay off some staff and cut some of their expenses in case the situation degenerates.
It was further gathered that the cost-cutting measures would be necessary in order to pave way for the banks to remain afloat in business.
President of the Association of Senior Staff of Banks, Insurance and Financial Institution (ASSBIFI), Comrade Sunday Salako told our correspondent that banks and other financial institutions in the country are not immune from the shocks created by the Naira fall.
He said: “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.[/b]

Source:
http://www.dailytrust.com.ng/daily/business/48104-naira-fall-job-losses-imminent-in-banks

Yepaa!!

With the way the economy has been tanking lately, I am still disturbed as to how anyone in their right mind would still come out and shout GEJ till whenever with a straight face.

Sentiments aside, things just can't continue like this. We need Change.

GEJ till 2019

WisdomFlakes:
With the way the economy has been tanking lately, I am still disturbed as to how anyone in their right mind would still come out and shout GEJ till whenever with a straight face.

Sentiments aside, things just can't continue like this. We need Change.

Sebi ur Buhari said he can stabilize the International Oil Market. All of you APC goons think alike.

Icon4s:


Sebi ur Buhari said he can stabilize the International Oil Market. All of you APC goons think alike.

I am prepared to give Buhari a chance. With 5 years of GEJ at the helm, it is evident to all what the economy and security situation has been reduced to. I shudder to imagine what a NIGHTMARE the next 4 years will be like under this same gov't, at this rate. That is the truth.

]

WisdomFlakes:
With the way the economy has been tanking lately, I am still disturbed as to how anyone in their right mind would still come out and shout GEJ till whenever with a straight face.

Sentiments aside, things just can't continue like this. We need Change.

Its tough but we will conquer this madness. If Nigeria beat ebola we will also cure people like the one below.

candidbabe:
GEJ till 2019

chiefinalowo:
Not only the Banks, many companies are laying off staff now. My company dropped 24 employees just yesterday.

Bro, it's so bad that serious investors in a viable business venture I am spearheading are reluctant to drop money due to the uncertainty that has enveloped the entire economy. All because of one man's desperation to hang on to power by all means. JONATHAN, THERE IS GOD O!

Mayb dis will make some folks tink twice b4 shoutin GEJ TILL...... When their bro or sis is being sacked. The truth is,.. u dnt kno how terrible dis goverment is until u re directly affected by der failure. Am sure most of dis kids dat shout GEJ till.... Still feed from their parent pot, so they cant feel d hardship. Lets hope dat sacking of either their broda,sister,father or mother will help to re-awaken their dead brain nd they can STOP shoutin GEJ till 2099. Fool.s.

When men say there is a casting down , we wud say there is a lifting up.....New and greater oppurtunities are about to open up...
Jesus Makes all the difference

jonathan's fresh air



as for me and my house we shall vote Gen M. Buhari

aminashy:
BLAME TINUBU AND BUHARI FOR THE POLITICAL INSTABILITY THATS PART OF WHAT'S MAKING THE NAIRA FALL.

O Jare ! ..

aminashy:
BLAME TINUBU AND BUHARI FOR THE POLITICAL INSTABILITY THATS PART OF WHAT'S MAKING THE NAIRA FALL.

You are officially the dumbest person on Nairaland. Congratulations.

JonaTAN must go

aminashy:
BLAME TINUBU AND BUHARI FOR THE POLITICAL INSTABILITY THATS PART OF WHAT'S MAKING THE NAIRA FALL.

Was it Tinubu or Buhari that forced INEC to postpone the elections? If PDP and GEJ had allowed the elections to hold, by now Nigerians would have adjusted and life would go on. But PDP only postponed the inevitable coz they will still lose. Like kwankwaso said, you can't bribe everybody. Rigging won't be allowed thus time thanks to PVCs which the same PDP is scared of.

Make una dey enjoy the fresh air until una get sense to do the right thing

Make hay while the sun shines, start a small business today.

Chai......hope dey get their compensation

chai

This is not surprising. More impact on the economy in the coming months.

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sad news

Okay. Thats fresh air Gej and PDP promised us. Thats very good.

He met naira at 155 to a dollar now it is 200+ to a dollar yet some bigoted idiotas will be scream GEJ till their lives is ruined.

Una never see anything.

Na wa o

Just when some people still dey wait for test..

And others for recruitment final stage...

Chai... *sad*

Gotta leave this country sharp sharp or wait a little for the coming CHANGE

WisdomFlakes:
With the way the economy has been tanking lately, I am still disturbed as to how anyone in their right mind would still come out and shout GEJ till whenever with a straight face.

Sentiments aside, things just can't continue like this. We need Change.

I am not pro GEJ but if we have to be dispassionate, is it GEJ's fault that the price of oil has plummeted and continued heading south for an indeterminate period? Answer this question frankly. I always bow to superior argument, trust me.

What a pity!!!!

It is well with Nigeria. This will not happen only in the banking sector....other sectors will soon join.

You can imagine a garri seller telling you "dollar ti won"....i don't know how Dollar affects garri. But it's sure after the elections, we'll entire the REALITY of 2015.

God dey!

Chai!!!!!