reports that the sacked officials includes general managers, deputy general managers and assistant general managers

Read: Currency now valued at 391/dollar in exchange rate

Ecobank confirmed the lay off with a statement that says the affected officials underperformed. And that over 300 staffs performing staffs were promoted.

Anthony Okpanachi, Deputy Managing Director, Ecobank quoted in the stated that the promoted workers cut across all cadres of the workforce.

“The promotion exercise, which affected about 10 per cent of the employees, is in line with the bank’s commitment to recognising and rewarding excellence and exceptional performance. The promoted workers cut across all cadres of the workforce. Also, few staff members that performed below expectation have been exited,” he said.

Read: Naira now valued at 352 per dollar

“The management of Ecobank Nigeria Limited has announced the recent promotion of about 300 top performing workers.

“The performance parameter used to determine the performance of those promoted also revealed the underperformance of the disengaged workers.”

Nigeria derives over 90 per cent of its forex from the sale of crude oil. And the banking sector and the economy have taken a beating from the sharp decline in the oil prices.