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Central Bank of Nigeria stops retrenchment in Nigerian banks

In case it is absolutely necessary to lay off any staff, the express approval of the Central Bank of Nigeria shall be required. (Image source: dotun55/Flickr)

The Nigerian Central and the Bankers Committee has instructed that no members of staffs of banks (either full or part time) should be retrenched in spite of the COVID-19 negative effect on banking operating cost

The committee is comprising of the managing directors of deposit banks in the country.

A special meeting of the Bankers’ Committee was convened on 2 May 2020 to further review the implications of the COVID-19 pandemic on the Nigerian. The meeting decided that in case it is absolutely necessary to lay off any staff, the express approval of the Central Bank of Nigeria shall be required.

The bankers committee said that the decision was taken to help minimise and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods. The CBN is taking a collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic.

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