CBN, Bankers’ Committee halt mass sack in banks

Collins Nweze and Nduka Chiejina

The envisaged mass withdrawal in the banking sector was interrupted by the Central Bank of Nigeria (CBN) and the Bankers Committee.

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The suspension of bank layoffs followed a resolution reached by the main bank and the committee that no bank should dismiss, whether in a temporary or permanent position.

The Bankers Committee was convened on May 2, 2020 to further review the implications of the COVID-19 pandemic in the local banking sector.

In a statement released on Sunday, CBN's Corporate Communications director, Isaac Okorafor, said the committee deliberated particularly on the issue of banks' operating costs, given the disruptions emanating from global economic difficulties.

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Therefore, the committee decided that, to help minimize and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods, no bank in Nigeria should back down or fire any staff from any staff (including full-time and part time) )

The committee also agreed that CBN's express approval will be required in case it becomes absolutely necessary to dismiss these employees.

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He (statement) says: "CBN asks for the support of everyone in our collective effort to overcome the economic challenges caused by the pandemic of COVID-19."

At the end of the deliberations, it was also decided that “CBN's express approval will be necessary in case it becomes absolutely necessary to dismiss such employees”.

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