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CBN Stops Banks from Sacking Staff

The Central Bank of Nigeria has suspended the laying off of staff going on in commercial banks.

The apex bank made this decision after its Bankers Committee meeting of the second of May.

In a Press Release by CBN Director of Corporate Communications, Isaac Okorafor, he 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.

“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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