It is not uncommon to see people talking about Central Bank of Nigeria (CBN) salary structure 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 SALARY STRUCTURE: HOW MUCH CBN PAYS ITS WORKERS
Below are the various monthly earnings of a staff at the Central Bank of Nigeria (CBN):
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. 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.