CBN, Bankers’ Committee Suspend Lay-offs in Banks

FBN Conundrum, an Abuse of Privilege?


A special meeting of the Bankers’ Committee on Sunday, decided to suspend the planned lay-off of bank staff over the impact of the coronavirus pandemic.

The spokesman of the Central Bank of Nigeria (CBN) Mr. Isaac Okorafor who made this known in a statement said the committee convened the meeting to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.

According to Okorafor, 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 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).

“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 said the Central Bank of Nigeria solicits the support of all in the collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic.

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