The Salary Structure of CBN Governor, Directors and Staff

The Central Bank of Nigeria’s governor earns a monthly salary of ₦2,480,212 or an annual salary of ₦29,762,544. CBN branch controllers ₦1,001,000 per month, chief security officers earn ₦578,000 per month, chartered accountants earn ₦275,000 per month, credit analysts earn ₦647,000 per month, loan officers earn ₦573,000 per month, entry-level earn ₦122,000 per month while graduate trainees are paid ₦43,000 on a monthly basis.

The Central Bank of Nigeria is a government-owned institution established for the supervision and control of the affairs of the banking sector in Nigeria. The institution encourages the staff through several means, including human capacity development. One thing is certain though, the salary structure of CBN staff is according to different categories and personnel functions.

The attractive salary earned by these personnel has enticed young graduates to work under this reputable financial institution. However, staff members on the entry level are not entitled to allowances, while the higher cadres have allowances attached to their benefits.

Hierarchy Of The Structure of the CBN

The apex bank is a well-structured financial body with different categories and hierarchies. It comprises twenty-nine departments, each headed by a director. The Central Bank of Nigeria is supervised and directed by a board of directors which is the highest level of the bank.

The CBN governor remains the chairman of the board of directors. In addition, deputy governors of the bank serve as members of the committee of governors on the board of directors. Other board members include six appointed members and the accountant general of the federation.

Salary Structure of CBN

Summary of The Hierarchy Of The Structure Of The CBN

  • Board of directors
  • CBN governor
  • Deputy governors
  • CBN branch controller
  • Chief security officers
  • Chartered accountants
  • Credit analysts
  • Loan officers
  • Entry-level
  • Graduate trainee

Summary of The Hierarchy Of The Structure of the CBN

  • Board of directors
  • CBN governor
  • Deputy governors
  • CBN branch controller
  • Chief security officers
  • Chartered accountants
  • Credit analysts
  • Loan officers
  • Entry-level
  • Graduate trainee

CBN Salary Structure

According to the CBN act of 2007, section 8 subsection 3 states that  ‘ the salaries, fees, wages, or other remuneration or allowances, including pension and other allowances payable to the governor and the deputy governors, shall be as stipulated from time to time by the board subject to the approval of the President.’ 

Overall, it isn’t easy to access the salary structure of CBN. The information provided on the remunerations is from a survey of some of its employees. Some of the vital staff salaries covered are the branch controller, chartered accountant, chief security officer (CSO), and deputy governor of the CBN.

What is the CBN Governor’s Salary?

The Central Bank of Nigeria’s governor earns a monthly salary of ₦2,480,212 or an annual salary of ₦29,762,544. Additionally, he or she is entitled to a variety of allowances and benefits, such as a housing allowance, medical insurance, a furniture allowance, a leave allowance, a pension, and a severance package that involves a lump sum payment of 300% of the Governor’s salary upon leaving office.

In the hierarchy of the CBN structure, the governor answers directly to the board of directors. The remunerations of the governor of CBN are wholly guided by the CBN Act of 2007, section 8 and subsection 3. The board of directors must analyze all salaries, allowances, and incentives due to the governor. The board would then present the document to the president for approval.

Note that the salary of the CBN governor is liable to be changed by the board of directors and the president of the country.

What is the CBN Salary for a Senior Supervisor?

The estimated salary for CBN a senior supervisor is 250, 833 per month. The estimated base pay is NGN 180,000 per month while the estimated additional pay is NGN 70,833 per month. Additional pay could include tips, bonuses, stock, commissions, or profit sharing.

This figure is reportedly 549% lower than the average salary for a typical Senior Supervisor in Abuja, which is around NGN 1,630,000 per month.

CBN Salary and Allowances

The entry-level salary for those starting training at the Central Bank of Nigeria (CBN) is between N60,000 and N100,000 per month. Loan officers earn N573,000 per month, while the average salary across the CBN is N509,008 per month. Branch controllers receive a basic monthly salary of N732,000, entry-level staff earn N122,000, credit analysts earn N647,000 while the CBN governor earns a monthly salary of N2,480,212.

All employees, including the governor, are eligible for housing allowance, transport allowance, and meal subsidy—training allowances for new staff range from N1.2 million to N1.5 million. Further information on CBN allowances is not open to public scrutiny.

CBN Ranks and Salary

CBN ranks are in this order CBN governor (₦2,480,212 per month), Deputy governors (net salary – ₦3.69 million), CBN branch controller (₦1,001,000 per month), chief security officers (₦578,000 per month), chartered accountants (₦275,000), credit analysts (₦647,000), loan officers (₦573,000), entry-level (₦122,000), and graduate trainee (₦43,000).

CBN Governor’s Salary Structure

The Central Bank of Nigeria’s Governor earns a monthly salary of ₦2,480,212 or an annual salary of ₦29,762,544. Additionally, he or she is entitled to a variety of allowances and benefits, such as a housing allowance, medical insurance, a furniture allowance, a leave allowance, a pension, and a severance package that involves a lump sum payment of 300% of the Governor’s salary upon leaving office.

CBN Deputy Governors’ Salary Structure

Deputy governors at CBN earn a net salary slightly below N2 million per month. The Central Bank of Nigeria made provision for the deputy governor’s office. The office has four deputy governors, each handling some of the departments and units of the institution. The board of directors wholly determines the salary, allowances, and other incentives of the deputy governors under the CBN Act of 2007.

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The determined salaries and allowances go for the approval of the President of the Republic of Nigeria. Therefore, the actual figure for the remuneration and other incentives of the deputy governors remains unknown.

Branch Controller Salary Structure 

Branch controllers earn a basic monthly salary of N1,001,000 and receive N12,000,000 annually. Other allowances and incentives associated with the position remain undisclosed. The Central Bank of Nigeria has offices across the thirty-six states of the federation, which gave rise to the positions of the branch controllers situated in different state offices.

They oversee the institution’s affairs in their respective branches and report to the head office. The branch controller office is also a significant one that the institution attached a high remuneration value to it.

Salary Of The Chief Security Officers (CSOs) Structure

CSOs of the Central Bank of Nigeria earn N578,000 as a monthly salary and receive N6,936,000 annually. The personnel in this rank are in charge of the security network of the institution. The position heads the office of the CSOs in different CBN branches of the federation. It is vital to the institution as its security is essential to the nation.

Chartered Accountant Salary Structure 

Central Bank of Nigeria pays chartered accountants a basic monthly salary of N275,000, giving N3,300,000 as a basic annual salary. The institution requires 3 to 9 years of accounting experience to qualify for this position.

CBN uses accountants and, especially, professional accountants. As a financial institution, their duties cut across all aspects of the institution, like the internal control and audit units. As a result, professional accountants under the audit unit in CBN receive a higher remuneration when compared to other federal government agencies.

Credit Analysts’ Salary Structure

The monthly salary of a CBN credit analyst is N647,000, which amounts to N7,764,000 annually. To most federal institutions, this remuneration is way too huge when compared.

This is another important position in the Central Bank of Nigeria’s structure. The personnel in this office are well-grounded in the risks or uncertainties associated with giving out and receiving credits. Nevertheless, as a vital office in the CBN of Nigeria, they earn good remunerations and allowances.

Loan Officers Salary Structure

According to the salary structure of CBN, this level attracts a monthly salary of N573,000, meaning that the loan officer earns N6,876,000 annually.  The position is one of the mid-level positions of the Central Bank of Nigeria. One gets to this position through promotional merit and suitable qualifications. In addition, the body takes cognizance of personnel reports and human development.

The loan officers at this level merit allowances like housing, transport, travel allowances, etc. However, to date, the figures on these allowances remain unknown.

Entry-Level (General) Salary Structure

The basic salary for this level is N122,000 monthly. This payment differs per department and unit, according to responsibility. At this level, the employee has completed the training exercise of the institution. The personnel at this point are assigned to duty in a department and are supervised duly by senior-level staff. However, it is still a training stage as the employee can’t perform technical tasks.

The employee is included in the salary structure of CBN and is entitled to other allowances from the entry-level staff.

Salary Structure of CBN

Graduate Trainees’ Salary Structure

Like other financial institutions requiring some form of training, this level is the first point for a young graduate who wants a career with the CBN. The person must undergo training to get acquainted with the financial terms. The institution pays an allowance at this level.

The main reason for classifying the payment as an allowance is because the candidate is not yet a staff but a trainee, therefore, not entitled to salary yet. However, according to some trainees, CBN pays an allowance of N43,000 every month until the training exercise is completed. This level doesn’t have any other incentive attached to the allowance, such as health insurance coverage, travel, or accommodation allowance and the like.

CBN vs FIRS Salary Compared

Both CBN and FIRS are among the top 5 highest paying government agencies in Nigeria. The Entry level salary of FIRS employees ranges from ₦80,000 to ₦100,000 monthly while their CBN counterparts take home about N122,000 monthly. CBN and FIRS staff both receive a variety of benefits and allowances, and their positions in the organization are secure.

Frequently Asked Questions

CBN Assistant Manager Salary

An Assistant Manager at the Central Bank of Nigeria is estimated to receive a total monthly salary of NGN 641,667, with a base pay of NGN 450,000 and an additional sum of NGN 191,667. This additional amount could be composed of various forms of remuneration such as bonuses, stocks, commissions, profit sharing, or tips.

How Much is the CBN Governor’s Salary?

The CBN governor earns a monthly salary of ₦2,480,212 which translates to  ₦29,762,544 annually. He or she is entitled to allowances, benefits, and a severance package at the end of his or her term in office.

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