CBN Steps In To Stop Bank From Sacking Workers Due To Covid-19 Pandemic

The Central Bank of Nigeria (CBN) has directed banks in the country, to halt any plans of sacking staff due to the COVID-19 pandemic.

The decision was carefully taken after a special meeting of the bankers’ committee which held on on Saturday May 2, with aim to review the implications of the COVID-19 pandemic on the Nigerian banking industry.


In a statement signed by the CBN spokesman, Mr. Isaac Okorafor, on Sunday May the 3rd, the CBN governor, Godwin Emefiele, must be consulted before any bank staff is dismissed during this pandemic.

See the statement below,

”A special meeting of the Bankers’ Committee was convened on May 2, 2020, 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:

1. 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).

2. 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 CBN’s intervention will certainly be a source of much needed relief as the fear among bankers soared high following the massive sack that rocked Access Bank last week. is headed by Jayamma Abanobi and it is one of the fastest growing News and Information outlet in Nigeria

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