CBN, Bankers’ Committee Suspend Lay-offs in Banks

BY GRACE ANYANWU, ABUJA – The Bankers’ Committee rose from its special meeting with a resolve that no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time). 

This resolution was taken at the convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry. 

The meeting explained that the decision is part of efforts aimed at assisting to minimize and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods.

A statement to this effect by the Director of Corporate Communications of the Central Bank of Nigeria (CBN), Mr Isaac Okorafor further said that the Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.

Okorafor explained that to give effect to the 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 CBN solicited the support of all in the collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic.