Central Bank Of Nigeria Asks Banks To Halt Plan To Sack Workers
As the effects of the COVID-19 Pandemic bite hard on the economy, several companies are thinking of laying off some of their staff, the banks and other financial institutions inclusive.
In fact, the Access Bank Plc management has hinted on laying off 75% of its staff in a video circulated in various media platforms. Though it was made clear that these workers are outsourced staff who render "non-essential services", this has led to outcries from bank staff and the general public.
(See Video of Access Bank's Speech Here: Access Bank To Lay Off Staff)
But in a swift reaction, the Central Bank of Nigeria (CBN) with stakeholders of the banking sector in Nigeria has issued a statement to the effect that Banks should not sack workers as a result of the Coronavirus pandemic.
The statement, signed by the apex bank’s Director, Corporate Communications, Isaac Okorafor on Sunday, reads:
"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:
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."
Despite this, many are not optimistic that banks will fully adhere to this as they may in a matter of time still retrench works as a way to cut down expenses in the banks' operations. Time shall tell.
Written by Emdee David.
Posted by: Emdee David
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