BREAKING: CBN stops banks from retrenching workers

After an alleged video of a town hall meeting between bank managing director Herbert Wigwe and workers, Access Bank has been trending in the media.
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Central Bank Of Nigeria (CBN)

Central Bank of Nigeria (CBN) has directed all banks not to retrench their employees.

A statement signed by Mr Isaac Okorafor Management, Corporate Communications, from the apex bank said the CBN, the bankers' committee agreed to suspend bank lay-offs.

After an alleged video of a town hall meeting between bank managing director Herbert Wigwe and workers, Access Bank has been trending in the media.

Wigwe was heard in the video informing bank staff that some of the bank's contract staff will be laid off while other staff will have their wages cut.

Following the video's backlash, the CBN said on Sunday:

“In order to help minimise 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).”

The CBN claimed that this decision was taken after a special meeting of the Bankers' Committee on May 2, 2020, to further explore the effects of the COVID-19 pandemic on the Nigerian banking industry.

The Committee noted that it deliberated on the issue of banks' operating costs in the light of disruptions arising from global economic difficulties.

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