CBN, Bankers’ Committee Suspend Lay-offs in Banks


•Downsizing to be approved by apex bank
•Again, Tinubu seeks interest rate reduction

By Obinna Chima

The Central Bank of Nigeria (CBN) and Bankers’ Committee have agreed that commercial banks should not disengage their workers as a result of the disruptions emanating from the COVID-19 pandemic.

The central bank, in a statement yesterday by its Director, Corporate Communications, Mr. Isaac Okorafor, said the decision was made at the end of a special meeting of the Bankers’ Committee held at the weekend.

Also yesterday, the National Leader of the All Progressives Congress (APC), Senator Bola Tinubu, reiterated his call for the apex bank to slash interest rates so as to stimulate activities.

The Bankers’ Committee meeting was to further review the implications of the COVID-19 pandemic on the 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 minimise and mitigate the negative impact of the COVID-19 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,” the CBN said.