The Central Bank of Nigeria and the bankers’ committee have agreed to suspend lay-offs in banks across the federation.

This agreement was reached at a special meeting of the Bankers’ Committee which was convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.

At the special meeting, the Committee deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.

The committee after deliberations decided that in order to help minimize 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).