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

The Central Bank of Nigeria (CBN) and the Bankers’ Committee have decided to suspend the retrenchment or laying-off of any staff of any cadre (both full-time and part-time) in Nigerian Banks. This is as contained in the press release by the apex bank on Sunday, 3 May 2020. The release, which was sequel to the special meeting of the Bankers’ Committee convened today, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry, noted that this measure is towards minimizing and mitigating the negative impact of the COVID-19 pandemic on families and livelihoods.

In the words of CBN, “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”.

In the past few days, there had been report of some banks in Nigeria attempting to lay-off some employees due to the impact of the pandemic on businesses.

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