Business
CBN, Banks Agree To Halt Workers’ Lay-off

The Central Bank of Nigeria and financial institutions in the country have reached a decision to halt the planned sack of some workers in the banking industry.
According to a statement signed by CBN’s Director, Corporate Communications, Isaac Okorafor,
no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time).
The statement noted that the decision was reached at a bankers’ committee meeting convened on Sunday, May 2, 2020, to further review the implications of the pandemic on the Nigerian banking industry.
READ ALSO: Plateau Begins Contact Tracing Of Two New COVID-19 Cases
It read: “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.”
