The Central Bank of Nigeria and the Bankers’ Committee, have suspended lay-offs in Banks.
A special meeting of the Bankers’ Committee was convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.
Making this known in a statement on Sunday, the CBN Director, Corporate Communications, Mr. Isaac Okorafor, noted that the Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.
He added that they decided that; In order to help minimize and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods, no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time).
It also decided that to give effect to the above measure, the express approval of the Central Bank of Nigeria will be required in the event that it becomes absolutely necessary to lay-off any such staff.
Okorafor, stated that the Central Bank of Nigeria is soliciting the support of all in the collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic.
