CBN, Bankers’ Committee stop banks from sacking workers


The Central Bank of Nigeria and the Bankers’ Committee have suspended layoffs by banks in view of the Coronavirus Disease.

This was made known by the spokesman of the CBN, Isaac Okorafor, in a statement on Sunday.

Okorafor said the decision was taken at a special meeting of the Bankers’ Committee on May 2, 2020 to further review the implications of the COVID-19 pandemic on the Nigerian
banking industry.

He said the Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.

It then decided to: “In order to help minimize and mitigate the negative impact of the COVID19 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.”

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