Sunday, 3 May 2020

Central Bank of Nigeria has ordered all banks to stop sacking staffs due to corona virus pandemic

 Central Bank of Nigeria has ordered all banks to stop sacking staffs due to corona virus pandemic

The Central Bank of Nigeria (CBN) has ordered all banks not to retrench any staffs due to the corona virus pandemic.

A statement from the Apex signed by and released by CBN spokesperson , Mr Isaac Okorafor , today Sunday May 3, 2020, has said that the CBN governor, Bankers’ committee will have to both decide before any bank staff is sacked during this Corona virus pandemic .

According to the statement ;

“ A special meeting of the Bankers’s 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 issues of the operating cost of banks in views 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 COVID-19 pandemic on families and livelihoods, no banks in Nigeria shall retrench or lay-off any staff of may cadres (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 our collective effort to weather through the economic challenges occasioned by the COVID- 19 pandemic.

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