CBN Stops Banks from Sacking Workers

The Central Bank of Nigeria (CBN) has asked the management of all the commercial banks in Nigeria to halt any plans to sack some of its workers.

CBN's Director, Banking Supervision, Tokunbo Martins broke the news at the Bankers’ Committee meeting held in Lagos earlier today. In his words;

“One of the things we discussed was about the impending retrenchment in the banking industry. So, we understand that many bank staff are experiencing fears about possible retrenchment in the industry.

We discussed it among the banks and the banks are now committed to not retrenching their staff going forward. So, whatever rumours are flying around about that mass retrenchment happening or not happening, that is not true”

I think this is step in the right direction.