Coronavirus: CBN stops banks from retrenching workers

Plans to retrench bank workers will now be suspended- This was arrived at after a meeting of the bankers’ committee- It was also agreed that banks would need the express approval of the CBN to lay off any staff- PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!In a bid to stop people from losing their jobs during this pandemic period, the Central Bank of Nigeria and the banks in the country have agreed to shelve the planned sack of workers in the banking sector.This was contained in a statement from the apex bank signed by Isaac Okorafor, director, corporate communications.He said the CBN, Bankers’ Committee both decided to suspend lay-offs in banks.Following the backlash that greeted the video, the CBN on Sunday 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).”