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Coronavirus: CBN Stops Banks From Retrenching Workers

Plans to lay off bank workers will now be put on suspension. This conclusion came in after the banker's commitee had a meeting.

They came to an agreement that banks would need the express approval from the Nigeria's apex bank to retrench any staff.

The Central Bank of Nigeria and other banks came to an agreement to suspend the initial plan of laying off workers, this decision was taken in order to ensure that no banker loses his or her job during this pandemic period. This agreement was contained in a statement from the CBN asigned by Isaac Okorafor, director, corporate communications. He made it known to us that the CBN, Bankers’ Committee had come to an agreement to suspend lay-offs in banks. Following the backlash that greeted the video, the apex bank on Sunday in its statement said, “in order to help reduce and mitigate the negative impact of the coronavirus pandemic on families and livelihoods, no bank in Nigeria shall retrench or lay-off any staff of any cadre (full-time and part-time workers inclusive ).” the express approval of the Central Bank of Nigeria shall be required in the event that it becomes absolutely necessary to sack any such staff. “The apex bank 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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Bankers Committee CBN Central Bank of Nigeria Isaac Okorafor Nigeria

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