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CBN, Banks Suspend staff Lay-off

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A special meeting of the Bankers’ Committee was convened on Saturday, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry a statement from Central Bank of Nigeria (CBN) disclosed on Sunday.

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

The statement signed by Isaac Okorafor noted that the meeting decided that 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.”

Reported by: Vincent Paul

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