CBN Suspend Staff Downsizing in Commercial Banks

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A few days ago, some commercial banks in Nigeria were reported to have taken safety measures to cut their cost, consequentially laying off some of their staff. However, as a result of this, CBN has given its mandate. Commercial Banks in Nigeria have now been requested to suspend any designs to lay off staff in the fallout of the COVID-19 pandemic. 

This mandate was given after a gathering of the Bankers' Committee on May 2, 2020, says Spokesman of the Central Bank of Nigeria, CBN, Mr. Isaac Okorafor. 

The announcement marked by Okorafor said Sunday, "A special gathering of the Bankers' Committee was met on May 2, 2020, to additionally survey the ramifications of the COVID-19 pandemic on the Nigerian financial industry. 

"The Committee especially pondered on the issue of the working expenses of banks taking into account the interruptions exuding from the worldwide monetary challenges and chose as follows: "So as to help limit and relieve the negative effect of the COVID-19 pandemic on families and vocations, no bank in Nigeria will save or lay-off any staff of any unit (counting full-time and low maintenance). 

"To offer impact to the above measure, the express endorsement of the Central Bank of Nigeria will be required if it turns out to be totally important to lay-off any such staff. "The Central Bank of Nigeria requests the help of all in our aggregate exertion to climate through the monetary difficulties occasioned by the COVID-19 pandemic."

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