The Central Bank of Nigeria has ordered all banks not to retrench its workers as a result of the disruptions being experienced due to the global economic difficulties induced by COVID-19.
The measure, it said is designed to minimize and mitigate the negative impact of the coronavirus pandemic on families and livelihoods.
The apex bankIt said henceforth, any bank that must lay off its workers in the event that it becomes absolutely necessary must obtain the express approval of CBN.
In a statement made available today by CBN’s Director of Corporate Communications, Isaac Okorafor, the decision was arrived at during the special meeting of the Bankers’ Committee convened to review the implications of the COVID-19 pandemic on the Nigerian banking industry.
He said “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.”
It would be recalled that some banks have begun retrenchment of workers as part of strategy to reduce overhead cost. Access Bank recently sacked several workers while placing others on 40 percent pay cut.