BREAKING: Nigerian banks agree not to lay off staff

The bankers committee of the Central Bank of Nigeria has agreed that plans to lay off staff would be suspended.

This was announced in a statement signed by Isaac Okorafor, CBN director of corporate communications, and made available to us on Sunday.

Okorafor said: “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 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).

“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.