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Stop the retrenchment now, CBN orders Banks | Theinfong

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Godwin Emefiele


The Central Bank of Nigeria, CBN, has ordered banks to stop any form of retrenchment of workers now.

Isaac Okorafor Director, Corporate Communications, CBN, said the apex Bankers’ Committee both decided to suspend lay-offs in banks, according to the PM News report.

The statement said that in order to help minimize 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).”

It said the decision was taken following special meeting of the Bankers’ Committee on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.

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The statement said the Committee deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.

The CBN stated that at the end of the meeting, it was decided that the express approval of the Central Bank of Nigeria shall be required in the event that it became absolutely necessary to lay-off any such staff.

Access Bank had recently laid off some staff, citing economic downturn occasioned by Coronavirus lockdown as reason.

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