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    UK Court awards £20m Damages in favour of Nigeria against P&ID

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    APGA candidates win Anambra by-elections

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    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

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    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

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    United States scraps visa dropbox service for Nigerian applicants

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    CBN ends free ATM withdrawals for other banks’customers

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    Buhari says Nigeria security and economy improved during his tenure

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No Bank in Nigeria shall Sack any Staff says CBN, Bankers’ Committee

Express Approval of CBN required to Lay-off Any Bank Staff

Sunday, 3 May 2020, 6:07 pm
in Business, Industry
1
Temporary Suspension of Cheque Clearing Lifted – CBN
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In a press release by the Central Bank of Nigeria seen by Investogist, The CBN, Bankers’ committee agreed to suspend lay-offs in Banks, across all staff cadre.

In a special meeting of the Banker’s Committee convened on May 2, 2020 to 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:

  1. 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 of lay-off any staff of any cadre (including full-time and part-time).
  2. 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.
  • Also read: 30.2 Million Americans have lost their Jobs as the Economic Fallout from Coronavirus intensifies
  • The New Normal: Post Pandemic Implications on the Nigerian Economy

In the press release signed by Isaac Okorafor, Director Corporate Communications, the CBN solicited the support of all in the collective effort to pull through the economic challenges occasioned by the COVID-19 pandemic.

There has been numerous reporting by some media houses, and across the social media sphere in Nigeria in recent days, stating that Access Bank Plc was laying off some workers while paying others  reduced salaries. This may have been the reason for the quick action being taken by the Banker’s Committee.

Written by:

Basil Maduakor

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