The Central Financial institution of Nigeria (CBN) has taken measures to halt the lay-off of quite a few workers in a number of banks.
The apex financial institution mentioned in a press release that the choice was taken after a particular assembly of the Bankers’ Committee.
In line with the assertion by the Director of Company Communications, Mr Isaac Okorafor, no sack of both completely or Adhoc workers could be carried out by any financial institution with out the approval of the regulator.
The assertion reads in full: “A particular assembly of the Bankers’ Committee was convened on Could 2, 2020, to additional evaluation the implications of the COVID-19 pandemic on the Nigerian banking trade.
“The Committee notably deliberated on the problem of the working prices of banks in view of the disruptions emanating from the worldwide financial difficulties and determined as follows:
- With the intention to assist decrease and mitigate the unfavourable influence of the COVID-19 pandemic on households and livelihoods, no financial institution in Nigeria shall retrench or lay-off any workers of any cadre (together with full-time and part-time).
- To provide impact to the above measure, the specific approval of the Central Financial institution of Nigeria shall be required within the occasion that it turns into completely essential to lay-off any such workers.
The Central Financial institution of Nigeria solicits the assist of all in our collective effort to climate by the financial problem occasioned by the COVID-19 pandemic.”