Banks reach agreement to suspend staff sack - SALIENT TIMES ONLINE

Banks reach agreement to suspend staff sack

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The bankers committee of the Central Bank of Nigeria has agreed that plans to lay off staff would be suspended.


This was announced in a statement signed by Isaac Okorafor, CBN director of corporate communications, on Sunday

The Presidential Task Force Team on COVID-19 had said last week that banks would be allowed to re-open for commercial operations as the lockdown eases in parts of the country effective Monday, May 4.

Some banks had proposed the idea of downsizing their workforce as they plan to recommence operations, a decision that has met public outcry.

But the apex bank said it convened a meeting with the banks in the country to review the economic effect on the proposed action on the workers and their families, especially at such a difficult time.

It said, “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 COVID19 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