Day: May 4, 2020

You’re Barred From Sacking Your Staff Without Our Permission – CBN Tells Banks

The Central Bank of Nigeria CBN has issued a warning to all commercial banks in the country to stop laying of Staff due to the Covid-19 pandemic. The bankers committee held a special meeting of 2nd May, 2020 where the decision was reached.

The Apex bank gave the directive after Access Bank announced the sack of 75% of its staff on the basis of economic challenges the bank is facing as the Coronavirus gains ground in Nigeria.

In a directive signed by Isaac Okorafor, Director corporate communications of the CBN, the Apex bank made it clear that any commercial bank intending to sack their staff must get the approval of the CBN before that can happen.

The directive is a step in the right direction to curb the unemployment rate of Nigerians in this trying times.