BREAKING: CBN, Banks decide against mass sack amid COVID-19 threat


The Central Bank of Nigeria (CBN) has announced decisions reached in collaboration with banks across the country, concerning staff retrenchment.

The CBN Director, Corporate Communications, Isaac Okorafor in a statement said a meeting of the Bankers’ Committee was convened to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.

He disclosed that the committee particularly deliberated on the issue of the operating costs of banks given the disruptions emanating from the global economic difficulties.

Okorafor said it was decided that 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,” the CBN spokesman added.



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