The CBN Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement.

Okorafor explained that the decision was taken to minimise and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods.

He explained that to give effect to this measure, the express approval of CBN must be sought in the event that it became absolutely necessary to lay-off any such staff.

He stated that the apex bank solicited the support of all in the effort to weather through the economic challenges occassioned by the COVID-19 pandemic.

Okorafor disclosed that the special meeting of the bankers’ committee was convened on Saturday where the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties was discussed.