CBN, bankers committee suspend planned lay-offs in banks

CBN, bankers committee suspend planned lay-offs in banks

Soothing news came the way of hitherto disturbed bank workers as the Central Bank of Nigeria (CBN) and the Bankers Committee have agreed to immediately halt the planned lay-off of workers due to the rampaging COVID-19 pandemic. The Spokesman of CBN, Isaac Okorafor in a statement said a special meeting of the Bankers’ Committee was convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry. According to him, 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 on many issues. He said: “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 t…