Nigerian banks agree to suspend lay-offs

Banks in Nigeria have agreed to suspend the retrenchment of workers in order to mitigate the negative impact of the coronavirus pandemic on families and livelihoods.

The Central Bank of Nigeria, which disclosed this on Sunday, said a special meeting of the Bankers’ Committee was convened on May 2 to further review the implications of the pandemic on the banking industry.

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

It said the committee decided that “in order to help minimise 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)”.

“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 committee said.

Last week, one of the nation’s banks, Access Bank Plc, said it would cut salaries and sack some of its workers.