The Central Bank of Nigeria and the Bankers Committee have suspended the ongoing lay-offs in Nigerian banks to preserve jobs in the country.

A statement by the Director, Corporate Communications, CBN, Isaac Okorafor said the meeting by 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 statement said, 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 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,” the statement said.CBN, Bankers’ Committee Suspend Lay-offs in Banks.

Recall that one of the foremost banks had earlier revealed its intention to lay-off staff to about 75%. The said bank said there was no need to keep a large size of workers when few people can do the job.

The statement by the bank created panic among staff and dependents of the workforce. If allowed to happened, the lay-off would have added to the woes unemployment has had on the nation.