The Central Bank of Nigeria has halted any layoff of workers by banks in the wake of the coronavirus disease.
The action followed a meeting between the regulator and the Bankers’ Committee.
Spokesman of the CBN, Isaac Okorafor, said in a statement on Sunday, that the decision was taken at a special meeting of the Bankers’ Committee on May 2, 2020.
They agreed to further review the implications of the COVID-19 pandemic on the Nigerian
banking industry, he said.
Okorafor said the Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.
According Okorafor, the banks resolved as follows: “In order to help minimize and mitigate the negative impact of the COVID19 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.”
