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Nigeria’s Central Bank Forbids Sacking Of Banks’ Staff During Coronavirus

CBN Building, Photo credit: Getty Images

If it becomes absolutely necessary to sack a particular staff, approval is to be sought from the Central Bank.

The Central Bank of Nigeria (CBN) has cautioned Commercial banks in Nigeria to desist from laying off staff of any cadre including full-time and part-time.

The CBN says the intention is to help mitigate the negative impact of the coronavirus on families and livelihoods.

The CBN made the call in a press release dated May 3, 2020 and signed by its Director of Corporate Communications, Isaac Okorafor.

The release sighted by African Entertainment

“To give effect to 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 release says.

It says the decision was taken at a special meeting of the Bankers Committee of the CBN on May 2, 2020.

The meeting, it stated, was to review the implications of the Covid19 on the banking industry in Nigeria.

Nigeria has reported about 85 coronavirus related deaths and over 2000 confirmed cases.

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