CBN, Bankers’ Committee suspend dismissals in banks

* Consider damaging implications of pandemic on families, livelihoods

Isola Moses | ConsumerConnect
Against the backdrop of the possible impacts of the damaging novel Coronavirus (COVID-19) epidemic on the nation’s banking and finance sector, the Central Bank of Nigeria (CBN) and the Bankers’ Committee have decided to hold over dismissals in banks across the Federation.

It was learnt that the latest agreement was reached at a special meeting of the Bankers’ Committee convened May 2, 2020, to further review the implications of the pandemic on the banking industry.

Report says the Bankers’ 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 minimise the damaging impact of the COVID-19 pandemic on families and livelihoods, the committee after deliberations, was said to have decided that no bank in Nigeria should retrench or lay-off any staff of any cadre (including full-time and part-time).

In order to implement the new measure, the Committee stated that the express approval of the Central Bank of Nigeria would be required in case it becomes absolutely necessary to lay off any such staff.

Meanwhile, Mr. Isaac Okorafor, Director, Corporate Communications Department at CBN, in a communiqué, has solicited the support of all stakeholders in the collective effort at weathering through the economic challenges caused by the raging COVID-19 pandemic.

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