Central Bank of Nigeria

CBN reacts to Access Bank Retrenchment, halt sack

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By Johnson Dike

In the wake of the Access Bank retrenchment, On Sunday the Bankers’ committee in a statement signed by its Director, Corporate Communications, Isaac Okorafor, Sunday, made a decision to further review the implications of the COVID-19 pandemic on the Nigerian banking Industry.

“The Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties and decided as follows: In order to help minimize and mitigate the negative impact of the COVID19 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 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 Central Bank of Nigeria solicits the support of all in our collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic”

The Commercial banks and the Central Bank of Nigeria (CBN) under the aegis of the Bankers’ Committee have decided not to lay-off workers as a result of the disruptions from the COVID-19 pandemic.






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