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CBN, Bankers’ Committee suspend Lay-offs In Banks



In an official statement released by the Central Bank Of Nigeria (CBN) on the third of may which is today, the CBN announced that a decision have been arrived upon after a meeting between the central Bank of Nigeria and the bankers committee.

According to the information released the meeting which took place yesterday 2nd of may took was conveyed in order to address and review the implication of coronavirus on the Nigerian banking sector.

Among the notable topics deliberated upon was the operating cost which occurred as a result of disruption in the activities of banks and other financial institutions.

Sequel to this two major conclusions were reached by the CBN and the Bankers committee and they are


1. In order to minimize and mitigate the negative impact of the covid-19 on families and livelihood, no bank in Nigeria shall retrench or lay-off any staff or any cadre(including full time or part time)

2. To give effect to the above measures, the express approval of the central bank of Nigeria shall be required in the event that it becomes absolutely necessary to lay off of any staff.

CBN, Bankers' Committee suspend Lay-offs In Banks - IMG 20200503 200853 284x300 - CBN, Bankers’ Committee suspend Lay-offs In Banks

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This information which was signed by Isaac Okorafor the Director for Corporate communication department of the central Bank of Nigeria.

The central Bank also use the medium to solicit of everyone in order to work hand in hand together as everyone navigate the challenges caused by the Coronavirus pandemic.


It should be noted that it became imperative for the central banks to take a decision following the uproar that occurred on social media. The uproar on social media occurred as a result of a video that surfaced online which shows the MD of ACCESS bank announcing that some workers will be underpaid inorder to cushion the effect of Covid-19 on the bank as a result of too much inactivity.

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