FLASH: CBN, banks agree to suspend staff lay-off in banks

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CBN Governor, Godwin Emefiele has cut lending rate to 12.5%
CBN Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN) and the Bankers’ Committee have agreed to suspend the laying off of bank staff, a statement by the apex bank on Sunday said.

The CBN 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.

A statement signed by Isaac Okorafor, Director, Corporate Communications, on 3 May 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 and decided as follows: “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 the event that it becomes absolutely necessary to lay-off any such staff.

He added that, “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.”