The Central Bank of Nigeria and the banks in the country have agreed to shelve the planned sack of workers in the banking sector as a result of the pandemic.
This was contained in a statement on Sunday by the apex bank’s Director , Corporate Communications, Isaac Okorafor.
Some banks had proposed the idea of downsizing their workforce as they plan to recommence operations, a decision that has met public outcry but the apex bank said it convened a meeting with the banks to review the economic impact the proposed action would have on workers and their families , especially at such a difficult time.
It said, “ A special meeting of the Bankers ’ Committee was convened on May 2 , 2020 , 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.”