According to the statement by the CBN Director of Corporate Communications, Mr Isaac Okoroafor, on Sunday, it was also agreed that banks would need the express approval of the apex bank to lay off any staff.

The Central Bank of Nigeria has suspended the ongoing staff layoffs by some banks in the country.

The apex bank said in a statement that the decision was taken after a special meeting of the Bankers’ Committee.

Access Bank had announced plans to sack its workers as a result of the negative impact of the Coronavirus outbreak.

According to the statement by the CBN Director of Corporate Communications, Mr Isaac Okoroafor, on Sunday, it was also agreed that banks would need the express approval of the apex bank to lay off any staff. 

The statement reads, “The committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.

“In order to help minimize and mitigate the negative impact of the COVID-19 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.” 

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