Stop Retrenchment, Bankers’ Committee Orders Banks

The bankers committee led by the Central Bank of Nigeria(CBN) has stopped further retrenchment of staff by various commercial banks in the country.

The development is sequel to a special meeting of the Bankers’ Committee convened on to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.
The CBN Director of Corporate Communication, Mr Isaac Okorafor said in a statement.
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.