Nduka Chiejina (Assistant Editor)

The Central Financial institution of Nigeria (CBN) has ordered all banks to not retrench any employees

An announcement from the apex financial institution signed by Mr. Isaac Okorafor Director, Company Communications mentioned the CBN, Bankers’ Committee each determined to droop lay-offs in banks.

Entry Financial institution has been trending within the media after an alleged video of a city corridor assembly between the Managing Director of the financial institution Herbert Wigwe and the employees.

Within the video, Wigwe was heard informing employees of the financial institution that some contract employees of the financial institution might be laid off whereas different employees can have their salaries reduce.

Following the backlash that greeted the video, the CBN on Sunday acknowledged that, “with a view to assist decrease and mitigate the damaging influence of the COVID-19 pandemic on households and livelihoods, no financial institution in Nigeria shall retrench or lay-off any employees of any cadre (together with full-time and part-time).”

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This resolution the CBN mentioned was taken “following particular assembly of the Bankers’ Committee on Might 2, 2020, to additional evaluate the implications of the COVID-19 pandemic on the Nigerian banking trade.”

The Committee, the CBN famous “deliberated on the difficulty of the working prices of banks in view of the disruptions emanating from the worldwide financial difficulties.”

On the finish of the deliberations, it was additionally determined that “the specific approval of the Central Financial institution of Nigeria shall be required within the occasion that it turns into completely essential to lay-off any such employees.”


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