Lay-offs in banks suspended by CBN Bankers’ committee

The Central Bank of Nigeria and the Bankers’ Committee have agreed that there will be no layoffs in the banking industry due to the Coronavirus pandemic.

This choice was made at a special meeting of the Bankers’ Committee convened on May 2, 2020, to further look into the implications of the COVID-19 pandemic on the Nigerian banking industry.

In order to help reduce and mitigate the negative impact of the COVID-pandemic on families and livelihoods, no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time).

To give effect to the above measure, the immediate approval of the Central Bank of Nigeria shall be required in the event that it becomes totally essential to lay-off any such staff.