CBN directs banks to stop workers’ sack

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The Central Bank of Nigeria (CBN) and its Bankers’ Committee have urged banks nationwide to suspend its plans to retrench some of their employees.

News making the rounds have shown that the anticipated massive disengagement of the workers is due to the ravaging impact of the COVID-19 pandemic on the lenders’ operations and the economy generally.

The apex bank’s Director, Corporate Communication, Isaac Okorafor, in a statement said that the decision by the CBN was reached with the Bankers’ Committee at a special meeting convened on May 2, 2020.

He stated that the meeting was convened to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.

According to him, 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 that; “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” he stated.




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