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BREAKING: CBN, banks take decision amid fears of mass sack

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BREAKING: CBN, banks take decision amid fears of mass sack

The Central Bank of Nigeria (CBN) has announced the decision reached with banks in the country concerning lay-offs.

As Nigeria battles coronavirus, there are fears in some quarters that the jobs of many citizens, including bankers, were at risk.

Isaac Okorafor, CBN Director, Corporate Communications, in a statement Sunday evening, said a meeting of the Bankers’ Committee was convened to further review the implications of the COVID-19 pandemic on the Nigerian banking industry.

He disclosed that the committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties.

Okorafor said it was decided that 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)”.

“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.

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“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 CBN spokesman added.

DAILY POST reports that in the United States, 30 million Americans have filed unemployment claims, while first-time claims benefits reached 3.8 million in the week ending April 25.

It remains to be seen how the Nigerian government really intends to manage the situation as the economic shock of coronavirus deepens.

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