Nigeria’s Central Bank Cautions Banks Against Staff Lay-off

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.

According to the CBN, the move 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.

“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 Covid-19 on the banking industry in Nigeria.
Some banks had reportedly served notice to staff informing them of possible lay-off owing to the impact of the coronavirus.

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

By Melvin Tarlue