BREAKING: CBN stops banks from retrenching workers

Banks in Nigeria have been ordered to suspend any plans to lay off staff in the aftermath of COVID-19 pandemic.



BREAKING: CBN stops banks from retrenching workers

This directive was issued after a meeting of the Bankers’ Committee on May 2,2020, says Spokesman of the Central Bank of Nigeria, CBN, Mr. Isaac Okorafor.

The statement signed by Okorafor said Sunday, “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.

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“The Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties and decided as follows:

“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).

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“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.”

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