COVID-19: CBN, Bankers’ Committee suspend lay-offs in banks

                                            Isaac Isaac Okorafor.

A special meeting of the Bankers’ Committee convened on May 2, 2020, has suspended plans by any bank in the country to lay off any staff. 

At the meeting held to further review the implications of the COVID-19 pandemic on the Nigerian banking industry, the Committee particularly deliberated on the issue of operating costs of banks in view of the disruptions emanating from the global economic difficulties and specifically arrived at the decision, according to a Press Release made available to Newsmart and signed by the apex bank's Director, Corporate Communications, Mr. Isaac Isaac Okorafor.

Below is the press release by the apex bank: 

"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 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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