Why We Halted Mass Sack In Banks...CBN

The anticipated mass sack in the banking sector has been halted by the Central Bank of Nigeria (CBN) and Bankers’ Committee.

The suspension of the lay-offs in banks followed a resolution reached by the apex bank and the committee that no bank should sack, whether on temporary or permanent position.

The Bankers’ Committee was convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the local banking industry.

In a statement released on Sunday, CBN Director, Corporate Communications, Isaac Okorafor, 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.
Read Also: CBN begins $100m weekly sales

The committee therefore decided that 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).

The committee also agreed that the express approval of the CBN shall be required in the event that it becomes absolutely necessary to lay-off any such staff.

It (statement) reads: “The CBN solicits the support of all in our collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic.”

At the end of the deliberations, it was also decided that “the express approval of the CBN shall be required in the event that it becomes absolutely necessary to lay-off any such staff.”