Management of Nigerian Banks have come together and agreed to suspend planned layoffs of staff due to the effects of COVID-19 on the global economy.
Access bank had been in the news for planning to lay off a significant number of its staff strength due to the contraction of the Nigerian economy caused by COVID-19.
The Bankers Committee of the Central Bank of Nigeria however met and decided to meet and suspend the planned layoffs.
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This move was announced by Isaac Okorafor, the director of corporate communications for the Central Bank of Nigeria.
Although the CBN has not shed more light on the key labour decision, the move may be be a response to the public outcry against the planned move by Access Bank.
Before announcing the move to either reduce salaries or cut jobs in order to stay afloat within an economy affected by an oil glut, the major bank had announced a donation of N1bn to the Federal Government to help in its fight against COVID-19.
Nigerians had blasted the bank online for its apparent lack of financial discretion at the expense of their employees during a COVID-19 pandemic.
Although the bank posted huge profits for its shareholders in the last financial quarter, it’s banking services have gotten worse overtime.