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No mass sacking of bankers in Nigeria

By Fredrick Obura | May 4th 2020

No banker will be sacked in Nigeria at least during the period of coronavirus pandemic, which has disrupted economies across the world.

In a special meeting between the Central Bank of Nigeria (CBN) and bankers committee, the two agreed to suspend lay-offs in banks.

A special meeting of the bankers' committee was convened on May 2 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 given the disruptions emanating from the global economic difficulties.

“To help minimize and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods, no bank shall retrench or lay-off any staff of any cadre,” reads a communication from Isaac Okorafor, Director, Corporate Communications CBN.

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

The first case of the coronavirus in sub-Saharan Africa was confirmed in Nigeria in late February.

Last Month, Nigeria requested $6.9 billion from multilateral lenders to combat the impact of the coronavirus pandemic on Africa’s biggest economy.  

Nigeria, whose revenues have tumbled with the fall in oil prices, had asked for $3.4 billion from the International Monetary Fund, $2.5 billion from the World Bank and $1 billion from the African Development Bank (AfDB), its finance minister Zainab Ahmed said.

The minister told a news conference in Abuja by then that Nigeria was one of several African states seeking the suspension of debt-servicing obligations for 2020 and 2021 from multilateral lenders.

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