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

The Central Bank of Nigeria (CBN) has just reportedly ordered banks to quit any plans it has to sack staffs because of the COVID-19 pandemic.

This decision was taken and the order put in place after a brief distinct meeting was held by bankers committee on Saturday, May 2nd to examine the impacts of the pandemic on the Nation’s Banking industry.

In a statement which was signed and released by the CBN spokesman, Isaac Okorafor on Sunday May 3rd it was stated that the CBN governor, Godwin Emefiele has given order to be consulted before any further dismissal of bank staff in this pandemic.  

The statement reads:

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.

However it was not mentioned in this statement if the staffs that were laid off will be recalled.