The Central Bank of Nigeria (CBN) has ordered banks to stop any plans to fire staff as a result of the COVID-19 pandemic.

The resolution was decided after a distinctive meeting of the banker’s board held on Saturday, May 2, to analyse the effect of the COVID-19 pandemic on the Nigerian banking industry.

CBN spokesman, Isaac Okorafor, released a statement today Sunday May 3rd, 2020.

According to the statement released, henceforth, the CBN governor, Godwin Emefiele, will have to be consulted before any bank staff is dismissed during this pandemic.

“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,” the statement read.

However, nothing was said about the workers who have already been sacked.