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The cost of diesel has increased from N225 to N750.This has lead the banks to adopt certain measures that our necessary for it to survive. As most of the banks have a high operating cost. The bank is now looking towards downsizing. Which means that they are looking forward to the decrease in office hours. The timings vary from one bank to another. Banks Like First Bank and GTBank have reduced their working hours.

The First Bank had stated, “We have revised our banking hours across all our locations. The revised opening and closing hours will be effective from Monday, April 11, 2022.” The bank said that while some of its branches will maintain the status quo, other branches will function between the hours of 8:00 am and 3:00 pm, 8:00 am and 2:00 pm, 8:00 am and 1:00 pm and 10:00 am and 3:00 pm accordingly.”

The GTBank had reduced its closing time from 5 p.m. to 4 p.m. The bank has told its customers to rely on digital options for banking purposes beyond 4 p.m. Many Banks are considering other ways through which they can reduce the high operating cost. Also, some banks are considering cutting down the payment of their employees. While Some banks are shutting down their unproductive branches. This is because of the consistent national grid collapses. As there is no electricity the banks have to depend on diesel. The Guardian has stated that this can cause an increase in unemployment in the country.

President of Association of Senior Staff of Banks Insurance and Financial Institutions (ASSBIFI) had said that they were in talks with banks. Oyinkan Olasanoye, who is the president has stated that banks can sack their employee but there is a due process that they should follow. Collective Bargaining Agreement (CBA) is the agreement for the banks that have been effected. But the problem is that sixty percent of the banking staff is on contract. The agreement doesn’t apply to them.

President of the National Union of Banks Insurance and Financial Institutions Employees (NUBIFIE) Anthony Abakpa has said that banks shouldn’t sack worker because of the increase in fuel prices. As, they didn’t create this issue.He said  “Outsourced staff are entitled to have freedom to have a choice of belonging to the labour union of their choice. Though outsourced workers have no job security, they may not be hired and fired by banks without the prior knowledge of the outsourcing agencies. They are entitled to other entitlements like full staff but there is a limit to those entitlements. And their conditions of work depend on the outsourcing agencies. The fight against outsourcing may take a long time to fight and win because of the directive from CBN and because the outsourcing agents have license and they are supposed to operate within the guidelines given to them by the Federal Ministry of Labour and Employment.”

Thomas Olawale, who overlooks financial dealings, has said that banks are doing this because they want to increase their digital presence. As the increase in fuel price had led them to move their services to digital platforms. They want their employees to be digitally savvy too.

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