Nigeria’s apex bank, the Central Bank of Nigeria (CBN) as well as the Bankers’ Committee has ordered all commercial banks in the country not to sack or retrench staff of any cadre, either full-time or part-time.
CBN which gave the order in a statement by Isaac Okorafor, its Director, Corporate Communications, also insisted that it’s approval must be sought if it becomes absolutely necessary to lay-off any such staff.
The statement said the decision was taken at a special meeting of the Bankers’ Committee convened on Saturday 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 that it 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),” the statement said.
“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. CBN solicits the support of all in our collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic.”