As the wave of job losses and disengagements continue to spread across all industries, owing to the negative impacts of the ongoing COVID-19 pandemic on global economies- Nigeria’s inclusive, there appears to be something to cheer, according to news reaching us from the Director, Corporate Communications of the Central Bank of Nigeria, CBN, Isaac Okoroafor.

In a meeting held between the management of the Apex bank and the Bankers’ Committee in a bid to address the growing widespread lay-off exercises going on within the banking sector in Nigeria, both parties came to an agreement that banks should subsequently suspend such exercises.

A communique issued to this effect at the end of the meeting by Isaac Okorafor and dated 3rd of May, 2020 thus 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:
1. 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).
2. 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”