After consultations, the bankers’ committee of the Central Bank of Nigeria has reached an agreement to suspend plans to lay off workers.

Isaac Okorafor, CBN director of corporate communications in a release on Sunday, said bankers committee had a meeting on Saturday, where it reviewed the effect of the coronavirus on the banking industry.

The committee sorted the approval of the CBN to put the layoff of workers on hold.

“The committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties,” the statement read.

“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.

“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.”

In a video that went viral on social media, Herbert Wigwe, chief executive officer of Access Bank, had hinted that the bank would have to lay off some staff and implement a salary cut.