CBN Wants Banks To Protect Workers’ Rights

The Central Bank of Ni
geria (CBN) has sought for the protection of the workers rights’ by financial institutions under its regulation.
In a letter signed by the Director of Banking supervision (CBN) Mrs Tokunbo Martins to all banks, discount houses and development finance institutions made available to The Tide CBN said that it had noted that these financial houses complying with the spirit and letters of principle three of the NSBP on human right.
NSBP principle states that “we will respect human rights in our business operations and business activities”.
The apex bank said the principle further provides that a sustainable banking approach recognises and respects human and labour rights in a bank’s business operations as well as its business activities.
CBN said bank’s approach to human rights should be consistent with promoting the requirement and improving the enforcement of the Nigeria constitution, the United Nations Declaration on Human Rights and other international treaties to which Nigeria is a signatory.
The bank also said NSEP key policies include the recognition of employee entitlements to safe and fair labour conditions and to exercise collective and individual rights to associate and speak freely as allowed by nation law.
The statement therefore advised banks, discount houses and development finance institutions to seriously note that their staff/employees are of liberty to freely associate in furtherance of the their rights as allowed by these laws.
The bank said any infraction constitute violation that will attract sanction on any of the banks, discount houses and development finance institutions in the country.
The NSBP is an aero for Nigerian sustainability banking principles under the CBN.