Home JUST IN: CBN orders banks not to lay off workers

JUST IN: CBN orders banks not to lay off workers

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CBN orders banks not to lay off workers

The Central Bank of Nigeria, CBN, has ordered banks not to lay off workers now.

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

The announcement said that so as to help limit and relieve the negative effect of the COVID-19 pandemic on families and vocations, no bank in Nigeria will save or lay-off any staff of any unit (counting full-time and low maintenance).”

It said the choice was taken after an uncommon gathering of the Bankers’ Committee on May 2, 2020, to additionally audit the ramifications of the COVID-19 pandemic on the Nigerian financial industry.

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The announcement said the Committee thought on the issue of the working expenses of banks taking into account the disturbances radiating from the worldwide financial challenges.

The CBN expressed that toward the finish of the gathering, it was concluded that the express endorsement of the Central Bank of Nigeria will be required if it turned out to be totally important to lay-off any such staff.

Access Bank had as of late laid off some staff, referring to monetary downturn occasioned by Coronavirus lockdown as the reason.

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