In a move to help minimize and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods connected to the nation’s financial institution’s, the Central Bank of Nigeria (CBN) and the Bankers’ Committee have agreed that no bank shall retrench or lay-off any staff of any cadre including full time and part-time.
Director, Corporate Communications, CBN, Mr. Isaac Okorafor who disclosed this in a statement on Sunday said to give effect to the measure above, the express approval of the Central Bank of Nigeria shall be required in the event that it became absolutely necessary to lay-off any such staff.
Okorafor added that the Central Bank of Nigeria solicited the support of all in their collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic.
A special meeting of the Bankers’ Committee was convened on Saturday, 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 operating costs of the banks in view of the disruptions emanating from the global economic difficulties.