COVID-19: CBN, Bankers’ committee suspend retrenchment of banks’ staff


The Central Bank of Nigeria (CBN) and Bankers’ Committee on Sunday suspended retrenchment or laying-off of any staff of banks, whether full or part-time.

The CBN Director, Corporate Communications Department, Mr. Isaac Okorafor made this known in a statement in Abuja.

Okorafor explained that the decision was taken to minimise and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods.

He 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 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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