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CBN prevents banks from sacking staff due to COVID-19 pandemic

The Central Bank of Nigeria (CBN) has guided banks to stop any designs to sack staff because of the COVID-19 pandemic.

The choice was taken after an exceptional gathering of the brokers’ board hung on Saturday May 2, to survey the ramifications of the COVID-19 pandemic on the Nigerian financial industry.

An announcement marked and discharged by CBN representative, Isaac Okorafor, today Sunday May 3, said that going ahead, the CBN senator, Godwin Emefiele, should be counseled before any bank staff is excused during this pandemic.

The announcement read

”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 COVID19 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 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. ” the statement read

The CBN anyway didn’t state whether bank staff that have just been sacked will be reviewed.

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