CBN, Bankers’ Committee Decide Staff Lay-Offs In Banks

The Central Bank of Nigeria (CBN) held a meeting with the Bankers’ Committee to halt the on-going trend of mass downsizing of staff in the banking sector.

On May 2, 2020, a special meeting of the Bankers’ Committee was convened in other to further evaluate the implications of the COVID-19 pandemic on the Nigerian banking industry.

Brandnewsday understands that the CBN made this known in a statement released through its spokesman, Isaac Okorafor, on Sunday, 3 of May.

In the said meeting, the Committee presents expressly deliberated on the issue of the operating costs of Nigerian banks in view of the disturbance emanating from the global economic challenges facing the banking sector.

What The CBN said:

Consequently, the following was outlined by the Central Bank of Nigeria:

1. 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).

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.

Speaking on the development, CBN, through the popular microblogging platform, Twitter, wrote: ”CBN, Bankers’ Committee Suspend Lay-offs in Banks…”

Recall that Acess Bank made an announcement on laying off 70% of its staff due to the widespread of the deadly coronavirus pandemic.

As a result of this development, many banks are looking forward to taking suit from Access Bank. Thus, it has grown fears in the heart of many Nigerians working in the country banking sector.

Read: Access Bank’s CEO Herbert Wigwe Announces 40% Pay Cut For Staff Or…