CBN, Bankers’ Committee ask Banks to halt lay-offs
The Central Bank of Nigeria and the Bankers Committee have halted move by deposit money banks to lay off some members of staff as result on going lockdown in the economy. Reacting to the right sizing move in the banking sector, the CBN has hence demands that no bank shall retrench without approval.
In a statement, the CBN stated that a special meeting of the Bankers’ Committee was convened on May 2, 2020. The objective of the meeting was to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.
The CBN 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 and decided as follows:
“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 CBN solicits the support of all in our collective effort to weather through the economic challenge occasioned by the COVID-19 pandemic”, the CBN stated.# CBN, Bankers’ Committee ask Banks to halt lay-offs Naira Steadies as Banks Issue Update on FX Purchase
