The Central Bank of Nigeria (CBN) has halted lay-offs by banks. The apex bank said in a statement Sunday evening that the decision was taken after a special meeting of the Bankers’ Committee.
According to the statement by the Director of Corporate Communications, Mr Isaac Okoroafor, no sack of either permanently or Adhoc staff can be carried out by any bank without the approval of the regulator. The statement reads in full, “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). “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 challenge occasioned by the COVID-19 pandemic.”