The Central Bank of Nigeria (CBN) is widely regarded as one of the most prestigious, important, and influential financial institutions in Nigeria. It is an Apex bank where all the regulation and the management of the monetary policy and financial system of the country is under its portfolio.
Given its reputation and responsibilities some of the Nigerian professionals desire to be in the CBN because of the stiff competition that comes with it, employment security, and attractive remuneration packages.
If you are asking how much does the CBN pay its staff in terms of salary structure and allowances, then this article will help clarify all that.
We’ll take a detailed look at Central Bank of Nigeria (CBN) Salary Structure and allowances for 2024, the pay scale, allowances, bonuses, and other benefits that employees of the Central Bank of Nigeria enjoy.
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CBN Governor Salary Structure in 2024
The exact salary of the CBN Governor in 2024 is not publicly available information. However, given the position’s prerogatives, and the significance of the Central Bank of Nigeria to the Nigerian economy, it is safe to assume this figure is substantial.
The CBN Act of 2007 provides an overarching framework within which salaries and allowances of the Governor and Deputy Governors are determined.
It provides that these should be “proportionate to the responsibilities of their offices”.
This implies that the Central bank of Nigeria (CBN) salary structure and allowances have been set high enough to ensure the recruitment and retention of quality people to fill these important positions.
Though the exact figures are not in the public domain, some additional info on the CBN Act 2007 can be tracked down.
How Much is the Salary of CBN Workers Per Month?
The compensation and salary structure of the Central Bank of Nigeria (CBN) is dependent upon the employees’ rank in the institution, their qualifications, the role they hold, and the experience that they have.
Generally, the salary structure varies within the following levels:
Here’s the breakdown;
1. Entry Level CBN Salary
Nigerian graduates who qualified and got employed with the CBN as entry level employees seem to be well rewarded for the services they offer to Nigeria and the Nigerian economy.
An entry level employee is reported to be paid between the amounts of N222,000 and N350,000 naira. These salaries is dependent upon job roles for entry-level eployees of CBN
2. Experienced Professional and Specialist Roles
There is a significant increase when it comes to salaries of employees who have gained experience working with CBN as they move up within the institution or when they are hired for technical or middle and upper management positions.
For senior staff members who are in functions of management like managers or principal officers, a person’s salary level begins at N500,000 and can go up to N1,000,000 monthly depending on their grade and level of experience .
According to MySalaryScale, the average salaries of CBN staff averagely is ₦509K monthly.
To give an example;
Senior Bank Officer – Earns between N500,000 to N1,000,000 naira monthly.
Assistant Manager / Deputy Director – This position can earn a person N800,000 to N1,600,000 monthly.
Director Level Roles – Remuneration in such posts is usually more than 2 million a month but coming with additional allowances amongst others.
How much is the CBN governor’s salary per month?
The Central Bank of Nigeria (CBN) governor’s salary is estimated to be around ₦2,480,212 per month,although this figure is not officially available. However, another source estimates the monthly salary to be lesser.
The discrepancy in these figures may be due to various factors, such as changes in salary structures or allowances, and professional guesswork judging from what senior staff members of the CBN earn.
CBN Salary Structure According to Grade Level
At the CBN, the salary is pegged on different grade levels, as there is a range from Grade Level 1 to Grade Level 17.
It is worth noting that each of the grade levels has a salary range, which is attached to the qualifications, experience, and job scopes of the employees.
This is the structure followed under the salary scales for CBN:
Grade Level 1-3: The majority of staff in these grade levels are employees of junior ranks like clerical officers, data entry officers and other lower cadre support personnel.
The salary range for these grade levels is around N120,000 to N200,000 per month.
Grade Level 4-6: These grade levels are occupied by junior officers but only a few of them, for instance, the grade levels of banking officers, credit officers, among other similar professionals.
The salary scales for these grade levels oscillate between N220,000 to N350,500 per month.
Grade Level 7-10: This is true as these grade levels are occupied by graduate professional staff such as senior banking officers, senior credit officers.
The salary range for these grade levels is between ₦500,000 to ₦800,000 per month.
Grade Level 11-14: In these grade levels are also assistant managers, deputy managers and other managerial staff of senior level.
In specific terms, the salary range for these grade levels is said to be between ₦850,000 to ₦1,600,000 monthly.
Grade Level 15-17: These grade levels include general managers, directors, and other high management personnel.
CBN directors command salaries often exceeding ₦2,000,000 monthly, in addition to various allowances and other incentives.
CBN Allowances and Benefits 2024
In addition to regular salaries, the CBN compensates its employees in various ways to boost their overall compensation.
These allowances also aim at the sustenance of the employees and further encourage them to give their best in the organization.
Here are the common allowances and benefits provided by the CBN:
1. Housing Allowance
The housing factor is well appreciated by the CBN in all its employees. To reduce the financial burden of renting houses, employees are qualified for a housing allowance, which most often is a considerable percentage of their basic pay.
Senior employees of the level get enough housing allowance to be able to live in good residential areas in the city.
2. Transport Allowance
For commuting to the workplace or owning a car, staff also receive a transport allowance. Such allowances are created to ensure that people have the required transport to and from their place of work.
3. Meal Allowance
For the purpose of meeting their feeding needs, workers get a meal allowance. Looking at the prices of food in populated areas such as Lagos or Abuja, this meal allowance is regarded as a valuable incentive.
4. Leave Allowance
All members of the CBN staff take leave every year, and during that time they receive a leave allowance.
This leave allowance is a fraction of their annual salary and enables them to sustain themselves while enjoying financial stability even when they are away from work.
5. Healthcare Coverage
Staff members at CBN appreciate outstanding health benefits as do the great majority of their family members.
The Bank’s health schemes also would include the cost of medical services, for instance, hospitalization, surgery, pharmaceuticals, etc.
6. Pension Fund Contribution Scheme
In order to guarantee peace of mind in retirement for the ex-employees, an active CBN pension scheme is in place.
This includes remittances on a monthly basis while in-service employment and gratuity payment at the end of the service.
7. Home Ownership
Allowances for the purchase of furniture enables employees, especially those on higher grades, to adequately furnish their homes. Wonderful packages are given out to newly posted workers in order to enable them to settle down well.
8.Official Cars
At CBN, staff in management and executive positions are provided with vehicles which are for work with maintenance and fuel costs provided.
9. Incentive Payments
Staff is also provided with performance bonuses and other incentives on the attainment of set targets or when there are significant contributions to the Bank’s operations.
These bonuses are a considerable portion of employees’ compensation.
Factors Influencing CBN Salaries and Allowances
At the Central Bank of Nigeria, the salary and allowances an employee earns is the function of several determinants. Some of these include:
- Job Grade or Position: Only the senior positions and management level posts offer large salaries with multiple advantages.
- Years of Experience: Employees with more experience tend to earn higher salaries in line with increased responsibilities.
- Qualifications and Certifications: Degrees and certifications of a specialist such as CFA or ACCA among others can take one’s pay grade higher than would have been the case.
- Job Location: Employers based in Abuja or Lagos may be benefited on account of high cost of living.
Why CBN Salaries Stand Out
- Job Security: The best feature about the job in the CBN is the job security. The employees do not get sacked quite easily and the careers are quite steady with organized hierarchy structure promotions.
- Prestige & Career Opportunities: There is a certain respect that goes with working at the CBN as well as the chance to develop professionally which makes sure that one has an interesting job.
- Work-Life Balance: Flexibility in the policies of work and increased period of leave shows that the CBN cares for its employees.
- Commitment to Employee Welfare: There are sufficient allowances, health care and housing that an employee can use so as to be satisfied in the CBN.Â
How to Join the CBN
The work at the Central Bank of Nigeria is quite appealing to many, on the other hand, the recruitment is quite strong. Candidates are to conform to certain criteria and pass rigorous screening processes, often including:
- A bachelor’s degree or higher in economics, finance, banking, or a related field.
- Passing written and oral examinations.
- Providing proof of relevant certifications, where applicable.
Interested applicants should regularly monitor the CBN’s official website (www.cbn.gov.ng) for recruitment opportunities.
Final Thoughts on Central Bank Of Nigeria (CBN) Salary Structure and Allowances
The Central Bank of Nigeria employs some of the most qualified professionals in the country as they offer some of the best salary structures and allowances in the banking and finance sectors in Nigeria.
The decent pay, better perks, and a number of development prospects are some of the things that make CBN an employer of choice. And for those who want to make a mark, the Central Bank of Nigeria makes for an attractive prospect as it’s an entity that is repeatedly concerned about the growth and well-being of its employees.
If you meet the requirements and would love to work at the CBN, you will have to start working for it today because the recruitment processes are quite intense.
The jobs that are waiting there are quite impactful, respectable and of great pay!