₦airaland Forum

masseratti:
I was wondering myself.

naptu2:
Note: The Banker's Committee is made up of the chief executives of all banks in Nigeria along with the directors of the CBN. This means that the CEOs of banks in Nigeria have agreed to this policy. They've most likely already gotten something out of it.

moralistic:
..a regulatory body

naptu2:
Note: The Banker's Committee is made up of the chief executives of all banks in Nigeria along with the directors of the CBN. This means that the CEOs of banks in Nigeria have agreed to this policy. They've most likely already gotten something out of it.

SLAP44:
I need explanation, are the CBN and bankers committee now doing the work of managing the bank which I thought were business establishments capable of making and enforcing their own decisions as they deem fit in order to remain in business.

Why then are the CBN interfering with the decision, if these banks express distress because of the insistence the regulatory bodies, who will bear the consequences?

CBN, Bankers’ Committee Suspend Lay-offs in Banks

A special meeting of the Bankers’ Committee was convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the
Nigerian banking industry. The Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties and decided as follows:

1. 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).

2. 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 Central Bank of Nigeria solicits the support of all in our collective effort to weather through the economic challenges occasioned by the COVID-19 pandemic.

Isaac Okorafor
Director, Corporate Communications