The Central Bank of Nigeria (CBN) has ordered all banks to stop retrench any workers.
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).
“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).”
This decision the CBN said was taken “following special meeting of the Bankers’ Committee on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.”
The Committee, the CBN noted “deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.”
At the end of the deliberations, it was also decided that “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.”
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