CBN suspends planned sacking of workers by some Banks

The Central Bank of Nigeria (CBN) and other banks in the country have agreed to suspend the planned sacking of workers in the banking sector following the economic impact of Coronavirus pandemic.

This information was contained in a statement on Sunday by the CBN Director, Corporate Communications, Mr Isaac Okorafor, THE DAILY VENDOR reports.

Some banks in the country had revealed plans downsize their workforce and possibly shutdown some branches as they plan to recommence operations, but the decision met a wide public outcry.

But CBN said it convened a meeting with the banks to review the economic impact the proposed action would have on workers and their families, especially at such a difficult time.

“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:

“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).

“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.” CBN said.