Home News Covid-19 – CBN stops banks from sacking staff

Covid-19 – CBN stops banks from sacking staff


The Central Bank of Nigeria (CBN) has directed banks to put any plans to sack staff due to the COVID-19 pandemic on hold.

This decision was reached after a special meeting of the bankers’ committee held on Saturday May 2, to review the implications of the COVID-19 pandemic on the Nigerian banking industry.

A statement signed and released by CBN spokesman, Isaac Okorafor, today Sunday May 3, said that going forward, the CBN governor, Godwin Emefiele, will have to be consulted before any bank staff is dismissed during this pandemic.

The statement read

”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

The CBN however did not state whether bank staff that have already been sacked will be recalled.


  1. It is a very good thing for CBN to do that, however, CBN knows quite well that there is no way some staff won’t be retrenched. This is because retaining same numbers of staff would mean payment of salaries even when the businesses are down and revenue plummets drastically.
    Is CBN ready to give the banks funding support to be paying the salaries or the banks will be using depositor’s money to pay salaries?
    While the management of each banks is expected to deal softly on the matter due to shock that this would create, each staff should prepare for the worst as far as the impending mass retrenchment is concerned and begin to think of creative ways of surviving the storm.

    We should never shy away from the reality that the Covid-19 pandemic will have some adverse economic effect on many people until everything returns to normalcy. However, nobody knows when this would happen.

  2. it is not just enough for CBN to ask banks to stop further retrenchment of Bank staff but to ask them to recall those already sacked.

    it is pertinent to note that each person that works in the bank has other three to six families who are fully dependent on him/her.

    in the past three years UBA Plc has been in the fore front of retrenching staff and trowing helpless Nigerians into the labour market without adequate compensation. The most recent was in December 2019 and January 2020 where over 80 staff were sacked in yenagoa alone leaving only two persons per branch.

    It is quite ironical that banks prefer donating billions to FGN to look good in the face of Nigerians while dishing out sack orders through forced resignations.


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