Home News CBN Halts Banks’ Move To Downsize

CBN Halts Banks’ Move To Downsize

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Seems like most companies are trying to hide under the shadows of the pandemic and its economic effect to lay off staffs. Some companies and employers has seen it as an opportunity to reduce staff and also over labour the few ones that would be retained after the downsizing process.

Just recently, the Central Bank Of Nigeria and other banks in the country has finally agreed to put aside the planned sack of workers in the banking sector due to the effect of the pandemic on the economy.

Information gathered from some banks Head Of Operation and other Bodies int he banking sector has disclosed a planned move by most banks to downsize their work force. outcry of employees has reached the higher authorities that most employees would loose their job at the commencement of full work activities on May 4th.

The Central Bank has convened a meeting with the banks to review the economic impact the proposed action would have on the workers and their families, especially at such a difficult time.

The apex bank has decided to halt the intending action of these banks. According to CBN’s Director, Cooperate Communications, Isaac Okorafor, in a quest to help minimize and mitigate the negative impact of the Covid-19 pandemic on families and livelihood, no bank in Nigeria shall retrench or lay-off any cadre ( including full time and part-time staffs)

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