CBN Suspends Ongoing Lay-off by Access Bank, Others

• CBN Suspends Ongoing Lay-off by Access Bank, Others

The Central Bank of Nigeria in collaboration with Bankers’ Committee has suspended the ongoing unjustified lay-off of hardworking Nigerians by Access Bank and other banks.

Access Bank had announced its plans to lay-off 75 percent of its current workforce to cut down on operational costs and better manage the impact of COVID-19 on the entire organisation.

This was despite the bank declaring profit after tax of N41 billion in the first quarter of 2020.

Read Access Bank Plans to cut 75 percent of its workforce here.

However, in a meeting held by the CBN and the Bankers Committee on May 2, 2020, both agreed to further review the implications of the COVID-19 pandemic on the sector.

The Bankers’ Committee specifically deliberated on the issue surrounding operating costs of deposit money banks as the industry grapple with the negative impact of COVID-19.

Therefore, decided as follows:

“In order to help minimize and mitigate the negative impact of the COVID19 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 central bank stated.

“To give effect to the above measure, the express approval of the Central Bank of Nigeria shall be required in the event that it becomes absolutely necessary to lay-off any such staff.”

The apex bank, therefore, solicits the support of deposit money banks in its effort to combat the economic implications of the COVID-19 pandemic on businesses, families and the nation.