The Central Bank of Nigeria and commercial banks in the country have agreed to suspend the planned sack of workers in the banking sector as a result of the pandemic.
This was contained in a statement on Sunday by the apex bank’s Director, Corporate Communications, Isaac Okorafor.
Although some commercial banks are already downsizing their workforce since last week.
The CBN in the statement said it convened a meeting with the commercial banks to review the economic impact the proposed action would have on workers and their families, especially at such a difficult time.
The statement said ‘’it was decided that 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.’’
