CBN halts proposed sack of workers by banks

The bankers committee of the Central Bank of Nigeria (CBN) on Sunday unanimously agreed to shelve the proposed plan by some banks to sack their workers amid the economic crisis brought about by the coronavirus pandemic.

The CBN’s Director of Corporate Communications, Isaac Okorafor, made this known in a statement.

According to statement, the move followed a meeting of the bankers committee convened on Saturday, May 2, to review the effect of the coronavirus on the banking industry.

Also agreed during the meeting that any bank that seeks to lay off its staff would have to get the approval of the CBN before taking such decision.

It read: “The committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.

“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 challenges occasioned by the COVID-19 pandemic.”