CBN Asks Banks Not To Sack Workers

Access Bank had recently announced that it was considering disengaging a considerable number of its outsourced personnel who constitutes 75 per cent of the bank’s entire workforce.

The Nigerian Central Bank Governor, Godwin Emefiele / Photo credit: dailypost.ng
The Nigerian Central Bank Governor, Godwin Emefiele / Photo credit: dailypost.ng

The Central Bank of Nigeria (CBN) has said that no bank staff will be laid off without it giving its consent.

This, the CBN said was agreed to at a May 2, 2020 meeting of the Bankers’ Committee.

In a statement released on Sunday by Isaac Okorafor, the director of corporate communications at CBN, it said the meeting was to review the impact of the covid-19 pandemic on the banking industry.

He 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.

“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).”

Okoroafor added, “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.”

There have been reports of banks planning to lay off their staff as the effects of the COVID-19 pandemic on the economy continue to bite harder.

Access Bank had recently announced that it was considering disengaging a considerable number of its outsourced personnel who constitute 75 per cent of the bank’s entire workforce.

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