CBN, Bankers’ Committee Prevails On Banks To Suspend Laying Off Workers



The Central Bank of Nigeria (CBN) and the Bankers’ Committee have prevailed on banks by jointly agreeing to suspend sacking of workers in the banks across the country.

A statement signed by the Director, Corporate Communications, Mr Isaac Okorafor, said 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.

At the special meeting, the Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.

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The committee after deliberations 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).

Okorafor stated that, “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 in a communique by its spokesman, Isaac Okoroafor, solicited the support of all in the collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic.


Yetunde Adegoke

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