In view of the looming massive lay-offs in the banking industry, and the need to help minimize and mitigate the negative impact of the COVID19 pandemic on families and livelihoods, the Bankers’ Committee has agreed that no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time).
A special meeting of the Committee was convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.
A statement signed by Mr Isaac Okorafor CBN’s Director, Corporate Communications on Sunday disclosed that 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:
“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. ”
As businesses worldwide take a hit from the COVID-19 pandemic, Nigerian banks are also feeling the impact.
Only last week, Access Bank informed employees that it will lay-off about 75 per cent of its workforce especially the contract staff.
The lender added that it will be implementing a reduced pay-structure, affecting all employees, including its Group Managing Director, Herbert Wigwe.
The reduction is expected to significantly reduce the Bank’s operating expense as it navigates through the uncertainties surrounding the global pandemic.
Since the pandemic, economic activities have been shot down firms confronted with the difficult decision to make necessary adjustments in terms of their cost structure to ensure that they come out of the pandemic stronger.
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