COVID-19: CBN, Bankers’ Committee Suspend Lay-offs in Banks

TRACKING___The Central Bank of Nigeria and the Bankers’ Committee have agreed that there will be no layoffs in the banking industry because of the Coronavirus pandemic.

This decision was made at a special meeting of the Bankers’ Committee convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.

Read the Press release below.

Central Bank of Nigeria
Press Release
CBN, Bankers’ Committee Suspend Lay-offs in Banks
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:
1. 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).
2. 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.
Isaac Okorafor
Director, Corporate Communications
May 3, 2020