BREAKING: CBN, Banks Halts Mass Sack of Workers

May 3, 2020
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The Central Bank of Nigeria (CBN) has announced that no bank in Nigeria will retrench or lay-off any staff of any cadre (including full-time and part-time).

This was made known in a statement on Sunday evening by Isaac Okorafor, CBN Director, Corporate Communications.

Okorafor disclosed that the decision was taken during a meeting of the Bankers’ Committee which was convened to review the implications of the coronavirus (COVID-19) pandemic on the Nigerian banking industry.

According to the CBN Director, the committee discussed the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.

Okorafor stated that the decision not to retrench or lay-off any staff was agreed in order to help minimize and mitigate the negative impact of the COVID19 pandemic on families and livelihoods.

“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,” he added.

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