Last Updated on November 17, 2021
Have you ever wondered how much the Central Bank of Nigeria (CBN) staff are earning? This article contains the current salary structure of the Central Bank of Nigeria (CBN).
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About The Central Bank of Nigeria (CBN)
The Central Bank of Nigeria (CBN) is the apex bank in the country. It is managed by the CBN Governor and duly oversees the activities of other banks, whether commercial, merchant, microfinance, etc. as well as, acts as check and balance for other financial institutions.
According to the CBN official website, The mandate of the bank is derived from the 1958 Act of Parliament, as amended in 1991, 1993, 1997, 1998, 1999 and 2007. The Central Bank of Nigeria (CBN) Act of 2007 of the Federal Republic of Nigeria saddles the Bank with the responsibility of controlling and administering of monetary and financial sector policies of the Federal Government.
Objectives of the CBN are stated as follows:
- Ensure monetary and price stability
- Issue legal tender currency in Nigeria
- Maintain external reserves to safeguard the international value of the legal tender currency
- Promote a sound financial system in Nigeria; and
- Act as Banker and provide economic and financial advice to the Federal Government.
That being so, the CBN is charged with the responsibility of administering the Banks and Other Financial Institutions (BOFI) Act (1991) as amended, with the sole aim of ensuring high standards of banking practice and financial stability through its surveillance activities, as well as the promotion of an efficient payment system.
In addition to its core functions, the CBN has over the years performed some major developmental functions, and focussed on all the key sectors of the Nigerian economy (financial, agricultural and industrial sectors). Altogether, these mandates are carried out by the Bank through its various departments.
The Central Bank of Nigeria provides space for the activities of other banks and regulates their affairs. It is the dream of most graduates to work in a bank due to the kind of salary they pay their staff.
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Central Bank of Nigeria is no exception as its entry-level basic salary is fair compared to what other top companies in Nigeria pay their workers. The Banking sector just like the oil and gas industry is one of the highest paying sectors in terms of salary.
Although there exist some differences in how much banks in Nigeria pay their workers as no specific law compels them to have a fixed amount for their staff. The Central Bank of Nigeria is the head bank in Nigeria. This bank is a bank of banks. The Central Bank does not have many branches across the country.
Working in this bank is a good thing, but knowing how the bank pays its staff is important. This article, “CBN Salary 2022/2023 | Current Salary Structure”, will give you better insight into how the bank pays its staff.
CBN Salary Structure
Below are the various monthly earnings of a staff at the Central Bank of Nigeria (CBN) this 2021:
CBN Salary Scale For Graduate Trainees
On the average, graduate trainees at the CBN are paid monthly salaries from ₦50,000 upwards. When one is a full staff and comes in at entry level, their salary is increased significantly as we shall see as we proceed in this article. Workers at CBN are paid according to their academic qualifications, level of experience and certain other factors that may be determined by the powers that be at the bank.
Working as a graduate trainee at the Central Bank of Nigeria and being placed on the above mentioned salary scale ensures that in a year, a worker at the bank employed as a graduate trainee will get a take home pay of about ₦600,000 or more. The essence of the CBN graduate trainee programme is to help a staff familiarize with the working environment of the bank.
CBN Salary Scale For Entry Level Workers
Entry level staff at the Central Bank of Nigeria are paid a starting salary of ₦122,000 per month this 2021. One is employed at the CBN as an entry level worker when they have successfully undergone the required training under the graduate trainee programme. There are certain allowances and bonuses attached to this job.
CBN Salary Structure For Loan Officers
An employee at the Central Bank of Nigeria (CBN) who works as a loan officer is paid a minimum salary of ₦573,000 every month. Loan officers at the CBN are workers who are more experienced than their colleagues in the bank who are entry level staff.
CBN Salary Structure For Credit Analysts
Credit Analysts are paid ₦647,000 as salary per month in the Central Bank of Nigeria (CBN). They are some of the staff members who are top earners at the bank. Their experience on the job is more than that of the previous classes of workers aforementioned.
How much does the CBN pay its managers?
Managers at the CBN are employees that occupy top positions at the bank. Their monthly salary is about ₦732,000 and there are few members of staff at the Central Bank of Nigeria who head their branches because branches of the CBN, being the apex bank, are not as many as most commercial banks in the country.
What is on your mind? What do you think about the salary structure of the Central Bank of Nigeria (CBN)?