Friday, June 5

CBN Urges banks not to embark on retrenchment

The Central Bank of Nigeria (CBN) and its Bankers’ Committee have urged banks nationwide not to retrenchment their staff. The anticipated retrenchment is very much connected to the COVID-19 pandemic currently ravaging the world. As it affects the lenders, its operations and the global economy.
The apex bank’s Director, Corporate Communication, Isaac Okorafor, stated that the decision by the CBN was reached with the Bankers’ Committee at a special meeting convened on May 2, 2020.

He further noted that the meeting was held to discuss the impact of COVID-19 on the banking sectors in Nigeria

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