Just In: CBN, Banks suspend Lay-off of Staff

The Central Bank of Nigeria has intervened on the intended lay-off of bank staff due to the economic situation of the COVID-19 pandemic.

The atmosphere had been filled with fear for bankers over some banks' intention to lay-off or downsize their staff in order to stay afloat in operation as the Coronavirus pandemic narrows economic activities in Nigeria.

A statement signed by the CBN Director of Corporate Communications, Isaac Okorafor, noted that retrenching of bank workers would broaden the negative impact of COVID-19 pandemic on families and livelihood if implemented.

A special meeting of 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 as follows:

1. 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).

2. 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 press release from the apex bank furthered that the Central Bank of Nigeria solicits the support of all in a collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic.