BREAKING: No Bank In Nigeria Shall Retrench Or Lay-off Any Staff – CBN

The Central Bank of Nigeria (CBN) and the Bankers Committee have agreed to immediately halt the planned lay-off of workers due to the rampaging COVID-19 pandemic. 

The Spokesman of CBN, Isaac Okorafor in a statement 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

According to him, 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 on many issues.

He said: “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).

“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.

At the weekend, the social media was awash with several news on banks purported plans to immediately downsize in order to remain afloat, especially as the pestilence hammers the global economy.

Bankers who heard of the planned suspension of sack are in jubilant mood.

TheNewsGuru