Saturday, September 19, 2020
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CBN, Bankers’ Committee Suspend Lay-offs in Banks

Central Bank of Nigeria CBN

By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) and the  Bankers Committee have suspended the planned layoff of bank workers in the wake of the coronavirus pandemic.


A statement by the CBN Director of Public Communications, Mr Isaac Okorafor in Abuja on Sunday said that the decision to put the sack on hold was taken at a special meeting of the Bankers’ Committee held on Friday “to further review the implications of the COVID-19 pandemic on the Nigerian banking industry”.

According to the statement, the Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.

“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).

”To give effect to the above measure, the express approval of the Central Bank of Nigeria shall be required in the event that it becomes absolutely necessary to lay-off any such staff.

“The Central Bank of Nigeria solicits the support of all in our collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic,” the Committee said.

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