The Federal Government has directed banks, insurance firms and other financial institutions to stop retrenchment of workers in the midst of scarcity of foreign exchange challenge that is threatening operations.

A statement personally signed by the Minister of Labor and Employment, Dr Chris Ngige, in Abuja yesterday said the order became necessary following the high spate of petitions and complaints from stakeholders in the banking, insurance and financial Institutions.

He said: “I hereby direct the suspension of the on-going retrenchment in the sector pending the outcome of the conciliatory meetings in the industry.” The Minister stated that the action is as a result of the apprehension by his office of the various disputes in the sector in accordance and in compliance with the provisions of the labor laws of Nigeria.