Banks Agree to Suspend Job Cuts

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By Obinna Chima

Commercial banks in the country and the Central Bank of Nigeria (CBN) under the umbrella of the Bankers’ Committee have agreed not to disengage workers as a result of the disruptions emanating from the COVID-19 pandemic.

The central bank which disclosed this in a statement signed by its Director, Corporate Communications, Isaac Okorafor, Sunday, said the decision was arrived at the end of a special meeting of the Bankers’ Committee held at the weekend. The meeting was 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: 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.”