Employees Sack: No More Tension for all Bank Staff as CBN and Bankers' Committee Halt Lay-Offs in all Nigerian Banks

The Central Bank of Nigeria and the Bankers' Committee has suspended all planned or impending lay-off of any bank staff in Nigeria due to the COVID-19 pandemic.

A press statement signed by the Apex Bank's Director of Corporate Communications, Mr. Isaac Okoroafor today stated that "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)."

Additionally, "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."

This measure comes as Access Bank's Group Managing Director, Mr. Herbert Wigwe announced pay-cuts for all staff of the bank, aimed at reducing the bank's operating expense as it navigates through the uncertainties surrounding the global pandemic, according to The Nation.