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BREAKING: CBN stops banks from sacking staff due to COVID-19 pandemic

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BREAKING: CBN stops banks from sacking staff due to COVID-19 pandemic

The Central Bank of Nigeria (CBN) has directed commercial banks to halt any plans of sacking their staff due to the COVID-19 pandemic.

The decision was made following a special meeting of the bankers’ committee held on Saturday May 2, to review the implications of the COVID-19 pandemic on the Nigerian banking industry.

A statement signed and released by CBN spokesman, Isaac Okorafor, on Sunday May 3, said that going forward, the CBN governor, Godwin Emefiele, will have to be consulted before any bank staff is dismissed during this pandemic.

The statement read

“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.” the statement

The CBN however did not state whether or not bank staff that have already been sacked will be recalled.

See comments and reactions:

Agatha Ebere: Medicine after death …….a lot of guys yaff already collected sack letter
So those that has been sacked, what happens to them

Nneoma Yesmin: For you to even start the sacking in the first place was terrible.
People who were expecting to go back to work tomorrow are now in a state of worry over their joblessness.

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Uchechukwu Michael: Most of this private sector without job security. Hire and sack at will.
They must be stupid for thinking such thing,u have billions to give the federal thief’s but u want to make ppl jobless because no fund to pay them,God punish them

Augustine Ngozi: What will happen to the ones Useless Access has sacked already?

Useless bank after donating money to FG they lay the Pains on their staffs. Nonsense people

Sire Lancelot; They can sack staff but were quick to give out billions to the federal government just to curry favor… Dangote increased the prices of his goods after giving out billions.. Welcome to Nigeria were poor masses suffer at the expense of the government

Smith Ohiomoren: CBN dt can’t share Money for Nigerian, they are there stopping banks from retrenching workers, ThankGod microfinance bank is not a bank

Nwachukwu Okonta: Too bad, it is the contract staff that are always at the recieving end of any major shake-up and tsunami in the Banking sector, and every other key sectors of the Nigerian Economy.

Adediran Barnabas: Who CBN helps?
Will you help them pay salary?
Besides, what will happen to Access Bank’ staffs that have been sacked already?

Chisom Emmanuel; This country sef.unemployed everywhere and they are busy sacking those that are employed.All d same,cbn una don try to stop de sackn cos my broda is a banker

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