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CBN and Bankers' Committee Suspend Layoffs in Banks

The Central Bank of Nigeria and the Bankers committee has both agreed to suspend any forms of layoff during this period. This was agreed in a meeting held on the 2nd of May 2020. This is a response to the sacking of some Bank workers by Access Bank.

See an Excerpt of the Meeting below

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. Inorder 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.

Signed: Isaac Okorafor (Director, Corporate Communications)

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Bankers Bankers' Committee CBN Central Bank of Nigeria Isaac Okorafor


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