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CBN asks banks not to lay-off any staff | Thekokospot

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CBN asks banks not to lay-off any staff

PublishedBy: in NewsMay 3, 2020


The Central Bank of Nigeria (CBN) and the Bankers’ Committee has ordered that no banks in the country retrench or lay-off any staff of any cadre (either full-time or part-time).

In a statement by CBN Director, Corporate Communications, Isaac Okoroafor on Sunday evening, said a meeting of the Bankers’ Committee was convened to further review the implications of the COVID-19 pandemic on the banking system in Nigeria.

According to the statement, the committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.

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”

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