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CBN suspends banks from sacking staff

Valentine Chinyem

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The Central Bank of Nigeria and the Bankers’ Committee have suspended proposed mass sacking of staff by banks in view of the Coronavirus pandemic.

Isaac Okorafor, spokesman for the CBN said this in a statement on Sunday.

According to him, the decision was taken at a special meeting of the Bankers’ Committee on May 2, 2020 to further review the implications of COVID-19 on the Nigerian banking sector.

He added that the Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.

The statement reads in bit, “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.

“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,” he added.