CBN, Bankers Committee Stop Planned Retrenchment By Banks

Planned Retrenchment By Banks

Banks have agreed to suspend their planned retrenchment of some of their staff, following the harsh effect of Covid-19 lockdown on their operations

The banks, at a meeting held last Saturday with the central bank of Nigeria (CBN) and bankers committee, agreed that none of their staff, including those on part-time, will be laid off

CBN director of communications, Isaac Okoroafor, in a statement says the meeting was convened to further re3view the impact of Covid-19 on the banking industry

Access bank has announced the planned layoff of most of its contract staff and pay cut

Several other banks plan to unveil their planned retrenchment programme this week

CBN, according to Okoroafor, told the banks that they must obtain its approval when it becomes very necessary to lay off any category of staff.

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