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Banks reach agreement to stop staff sack

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The bankers committee of the Central Bank of Nigeria has decided to stop plans to lay off staff.

This was announced in a statement signed by Isaac Okorafor, CBN director of corporate communications, on Sunday.

The statement reads: “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).

“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.”

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