CBN, Bankers’ Committee halt lay-offs in banks

The Central Bank of Nigeria (CBN) and the Bankers’ Committee have agreed to suspend lay-offs in banks across the country.

This agreement was reached at a special meeting of the Bankers’ Committee which 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.

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).

Also decided by the committee was that in a bid to give effect to the above measure, the express approval of the Central Bank of Nigeria will 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.