CBN Stops Banks From Retrenching Workers.

The Central Bank of Nigeria (CBN) has ordered all banks not to retrench any workers

A statement from the apex bank signed by Mr. Isaac Okorafor Director, Corporate Communications said the CBN, Bankers’ Committee both decided to suspend lay-offs in banks.

Access Bank has been trending in the media after an alleged video of a town hall meeting between the Managing Director of the bank Herbert Wigwe and the staff.

In the video, Wigwe was heard informing staff of the bank that some contract staff of the bank will be laid off while other staff will have their salaries cut.

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).”

However, CBN did not state whether bank staff that have already been sacked will be recalled.

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