COVID-19: CBN Moves to Stop Banks from Planned Lay-offs
*Commercial activities resume in Lagos
The Central Bank of Nigeria (CBN) weekend moved swiftly to stop commercial banks from laying their staff off in response to the outcome of the ravaging coronavirus pandemic in the country.
In a statement Sunday, the Director, Corporate Communications, Mr. Isaac Okorafor, said the move was part of the decision reached during a special meeting of the Bankers’ Committee.
Part of the statement from Okoroafor reads:
“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: In order to help minimise and mitigate the negative impact of the COVID-19 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. 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.”
Meanwhile commercial activities will resume in Lagos this morning following the guidelines issued by the Lagos State Governor, Mr. Babajide Sanwo-Olu, Sunday.
However, movement in and out of Lagos is prohibited except for people engaged in essential services or transporting essential products such as agro products, petroleum products, relief items and construction materials.
Part of the guideline reads: “All open markets and stores will be allowed to operate on alternate days between the hours of 9 am and 3 pm. Markets and stores selling food items will open on Tuesdays, Thursdays and Saturdays, while markets and stores selling all other items, excluding food, will open on Mondays, Wednesdays and Fridays.”
“All public servants in the entire Lagos State public service are to remain at home tomorrow, May 4, 2020.
“From Tuesday, May 5, 2020, only critical staff on Grade Levels 15 and above, and who have also been specifically adjudged as critical staff by their accounting officers will be expected to go to work,” he added.
He explained that all frontline workers across all levels are, however, expected to continue working.
“In the same vein, all staff of the local government and local council development area offices in the state are expected to remain at home at this time, unless directed by their LGA or LCDA chairmen”.
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