The Central Bank of Nigeria (CBN) and Bankers’ committee have held a special meeting during which a resolution was reached that no bank should lay-off staff, whether temporary or permanent employment.
The Bankers’ Committee was convened on May 2, 2020, to further 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 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).
The committee also agreed that the express approval of the CBN 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.
