The Central Bank of Nigeria (CBN) and the Bankers’ Committee have waded into the looming mass retrenchment or sack of staff in the banking sector due to economic downturn occasioned by the Coronavirus pandemic in Nigeria.
The halt in retrenchment was the high point of decisions at a special meeting of the Bankers’ Committee convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.
It said however that if inevitable, express permission and approval of the CBN is required before any bank lay off its staff.
A statement by the CBN Spokesman, Isaac Okorafor said the Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.
According to Mr. Okorafor, “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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