Breaking: CBN stops banks from sacking staff due to COVID-19 pandemic

The Central Bank of Nigeria (CBN) has directed banks to halt any plans to sack staff due to the COVID-19 pandemic. The decision was taken after a special meeting of the bankers’ committee held on Saturday May 2, to review the implications of the COVID-19 pandemic on the Nigerian banking industry. A statement signed and released by CBN spokesman, Isaac Okorafor, today Sunday May 3, said that going forward, the CBN governor, Godwin Emefiele, will have to be consulted before any bank staff is dismissed during this pandemic. The statement read

”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. 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: 1. 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). 2. 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. ” the statement read

The CBN however did not state whether bank staff that have already been sacked will be recalled.