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This study examined the effect of moonlighting on organizational performance in the Nigerian banking sector. It adopted a survey design that allowed the researcher to collect only cross-sectional data from the respondents. The questionnaire was administered to the staff of five (5) different banks in Lagos and Ogun states to seek their opinions. The responses were analyzed using regression analysis. The results revealed that, most of the respondents had heard and experienced moonlighting at various points of their career in the banking sector and that moonlighting negatively impacts firm performance in terms of employees’ productivity, profitability, and dividend payment. The study recommends the need for policies to be put in place. Terms of policies must be incorporated in the employment contract for employees to know the consequences of breaching the contract. Finally, disciplinary action should be taken on the affected staff to serve as deterrent to others.