CBN suspends banks from laying off staff

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The Central Bank of Nigeria has suspended the sacking of staff by banks.

This much was disclosed by the apex bank corporate communications director, Mr. Isaac Okoroafor in a statement made available to newsmen.

“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),” Okorafor said.

This is coming after a few banks have resorted to lay off staff and also cut down staff salaries.

Access Bank Plc is one of the banks planning to cut staff salaries to avoid laying off as coronavirus continues to ravage the world and affect global economies,

To avoid the economic crisis on the bank, CBN said there will be a review the implications of the COVID-19 pandemic on the Nigerian banking industry after their special committee meeting.

The committee, the CBN noted “deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.”

Okarafor stated that “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.

 

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