The Central Bank of Nigeria has stopped commercial banks from sacking staff based on pressure from coronavirus lockdown.
The bank said should such a decision become unavoidable, any bank concerned must get its approval.
The CBN made the move as an announcement to the tune of sacking massively by Access Bank stirred up anxiety although the bank later rescinded the decision, while closing down some of its branches across the country.
But in a statement on Sunday, the CBN said it and the banks had agreed that there would be no sacking.
This was contained in a statement on Sunday by the apex bank’s Director, Corporate Communications, Isaac Okorafor.
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
