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:
- 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).
- 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.
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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.