Banking & Finance Economy Politics

You can’t sack bank staff now! – CBN, Bankers’ committee say

You can't sack bank staff now! - CBN, Bankers’ committee say
Written by Maritime First

…Suspend retrenchment of banks’ staff over COVID-19***

The Central Bank of Nigeria (CBN) and Bankers’ Committee on Sunday overruled banks who retrenched or sacked staff after donating to the COVID-19 funds, saying such sacking, whether full or part-time cannot hold now.

The CBN Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja, stressing that they were overruled to minimise and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods.

Also read:  CBN resumes dollar sales for SMEs, school fees

Some banks were said to have copied their counterparts with stronger financial bases, to donate heavily into Federal Government’sCOVID-19 war chests, only to turn around on realizing their lapses, into the sacking of their staff

Isaac Okorafor said to give effect to this measure, the express approval of CBN must be sought in the event that it became absolutely necessary to lay-off any such staff.

He stated that the apex bank solicited the support of all in the effort to weather through the economic challenges occasioned by the COVID-19 pandemic.

Okorafor also disclosed that the special meeting of the bankers’ committee was convened on Saturday where the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties was discussed.


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Maritime First