Friday, Jul 10th 2020 4:12 PM

Market Digest Nigeria


CBN orders banks not to lay off workers

The Central Bank of Nigeria (CBN) has directed banks not to lay off staff amidst the coronavirus pandemic.


CBN orders banks not to lay off workers

In view of the looming massive lay-offs in the banking industry, and the need to help minimize and mitigate the negative impact of the COVID19 pandemic on families and livelihoods, the Bankers’ Committee has agreed that no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time).

The group managing director of the bank, Herbert Wigwe, announced during a video conference with the bank’s staff that the management of the bank plans to offload about 75 per cent of its workforce.

Criticism has tailed the bank’s decision with the Nigeria Labour Congress threatening to mobilize its members to fight such plans.

But, apparently to forestall a major crisis in the country, even as the country’s economy is struggling to find its footing as the economic impact of the coronavirus bites harder, the CBN, through its Bankers’ Committee, on Sunday, ordered the immediate suspension of such plans.

The CBN spokesperson, Isaac Okoroafor, who signed the statement, said the order was given at the end of a special meeting of the Bankers’ Committee held on May 2 to further review the implications of the COVID-19 pandemic on the Nigerian banking industry


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top
Get the best of Market Digest Nigeria financial news
delivered to your inbox daily!
By clicking Give it a try, I hereby: Agree and Consent to the Terms of Use and the Privacy Policy
& I may receive free newsletters & promotions from this site and can choose to unsubscribe anytime.