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COVID-19: “No Bank Shall Lay-off Any Staff”- CBN

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The Central Bank of Nigeria (CBN) and the Bankers’ Committee have ordered all banks in Nigeria to shelf the planned sack of any staff in any cadre (either full-time or part-time).


This was disclosed in a statement issued by the CBN’s Director, Corporate Communications, Isaac Okorafor.


Some banks had proposed the idea of downsizing their workforce in order to cope with the harsh effects of the COVID-19 pandemic.


However, Okorafor in his statement said the apex bank convened a meeting of the bankers’ committee to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.


It 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:


“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.

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