This article is about the current CBN Salary Structure in Nigeria as of this 2023. It is not uncommon to see people talking about Central Bank of Nigeria (CBN) salary scale or searching for it. This is the country’s apex bank and how much they pay their workers or staff is something everyone would really want to know about especially prospective employees eyeing a place in such a top financial and economic institution in our great nation.
As earlier stated, The Central Bank of Nigeria (CBN) is the highest bank in the land. This is because it is saddled with the responsibility of regulating the activities of all other banks in the country. At the helm of affairs of the CBN is the Governor who oversees the day to day running of the bank and exercises general control of it.
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.
Having generally understood what the Central Bank of Nigeria is all about, the question that requires answers is, how much does the CBN pay its workers? Before we delve into the answers proper, it is worth mentioning that the bank is one of the best places one can work in. It is also a top paying company in Nigeria and an employee is sure to earn impressive monthly salaries upon getting in.
At this point, it is very necessary to bring to the reader’s consciousness that getting a well salaried job at the Central Bank of Nigeria is not all that easy as recruitment is done almost silently but if you are one of the very lucky ones who make it through, you will be paid really well every month, that’s for sure.
Having said all that, we shall now proceed to see the different salary scale of various employees at the Central Bank of Nigeria per month. If you dream of working at the CBN, apart from connections, ensure that you are really very good as the bank employs only the best.
CENTRAL BANK OF NIGERIA (CBN) SALARY STRUCTURE 2023: HOW MUCH CBN PAYS ITS WORKERS
Below are the various monthly earnings of a staff at the Central Bank of Nigeria (CBN) this 2023:
CBN GRADUATE TRAINEES SALARY STRUCTURE
While you are a graduate trainee, the Central Bank of Nigeria (CBN) will pay you ₦43,000 per month. It is required that you go through training when you start working for a bank. Additionally, you will go through a few months of training that will acquaint you with the bank’s system.
CBN ENTRY LEVEL STAFF SALARY STRUCTURE
You will advance to the position of entry-level staff once you have successfully completed the training intended to acquaint you with the banking system. As a result, the Central Bank of Nigeria (CBN) pays you ₦122,000 as salary per month as an entry-level employee. This translates to ₦1,464,000 annually.
CBN LOAN OFFICERS SALARY STRUCTURE
A loan officer at the Central Bank of Nigeria (CBN) receives a monthly minimum pay of ₦573,000. Loan officers are CBN employees who who have greater experience than their entry-level counterparts in the bank.
CBN CREDIT ANALYSTS SALARY STRUCTURE
Credit Analysts at the Central Bank of Nigeria (CBN) are paid a monthly salary of ₦647,000. They are among the bank employees who make the highest salaries. They have more work experience than the aforementioned prior classes of workers at the CBN. This salary amounts to ₦7,764,000 per year.
CBN BRANCH MANAGERS SALARY STRUCTURE
Managers at the CBN are employees that occupy top positions at the bank. Their monthly salary is about ₦732,000 and this equates to ₦8,784,000 per year. 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.