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CBN, Banks agree not to sack workers



I am humbled by interest for me to run for presidency - Emefiele



The Central Bank of Nigeria (CBN) and the banking industry have agreed that no bank in the country will sack any worker based on the hurting business environment created by the coronavirus pandemic.

This reassurance may have become necessary following trending stories in the conventional media and social media platforms of plans by some banks to either cut salaries of workers or outrightly relieve some of them of their jobs.

A statement issued Sunday by the apex bank’s Director of Corporate Communications, Isaac Okoroafor, said the conclusion was reached after a meeting on Saturday by the CBN and Bankers’ Committee (group of bank chief executives in Nigeria).

The statement reads: “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.

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“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 orlay-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.”

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