CBN Salary structure And Allowance
The Central Bank of Nigeria (CBN) is the apex bank for all commercial banks in Nigeria.
It is primarily responsible for regulating financial institutions, issuing the legal tender, and supporting economic growth in the country.
As an important government agency, the CBN exercises a lot of power, and as a result, can set its salary structure for employees, based on their ranks.
CBN salaries are divided into different cadres which include, Assistant Governors, Directors, and Assistant Directors.
The salaries for each of these cadres are based on their individual experiences and years of service.
Assistant CBN Governor Salary
Assistant Governors are the top earners at the CBN. Their salaries range from a minimum of N1.9 million to a maximum of N2.5 million or N3.5 million, depending on the years of service.
CBN Directors Salary
This is followed by the Directors whose salary ranges from a minimum of N 1.5 million to a maximum of N2.3 million. The lowest level, Assistant Directors, earn a minimum of N600,000 and a maximum of N1.2 million.
CBN Allowances
In addition to their basic salary, employees at the Central Bank of Nigeria receive other benefits including housing allowance, transport allowance, and medical allowance.
They are also eligible for a 13th-month salary and a certain amount of paid holidays every year.
CBN salary Structure
By law, all bank employees should be regularly updated with terms of service and employment conditions such as; wages, leave allowance, retirement benefits, and other fringe benefits.
The Central Bank of Nigeria observes this law by ensuring the salary structure for its employees is periodically reviewed and adjusted to correspond to current market rates and salaries of similar positions in the Nigerian banking sector.
This salary structure allows the CBN to attract and retain qualified staff and also ensure they have a satisfactory level of wages and benefits to motivate superior performance.
CBN Graduate Trainees’ Salary
Graduate Trainees’ Salaries range from N43,000 to N50,000 while training.
CBN Entry-Level Staff’s Salary
Entry-Level Staff’s Salary is N122,000 depending on the department and year years of experience.
CBN Loan Officers’ Salary
Loan Officers’ Salary is N573,000 monthly depending on.
CBN Credit Analysts’ Salary
Credit Analysts’ Salary is N647,000 monthly
CBN Branch Managers’ Salary
Branch Managers’ Salary is N732,000 monthly.
Conclusion
By having a proper salary structure in place, the CBN not only retains its status as the country’s apex bank but also ensures the highest level of productivity and efficiency in performing its regulatory and developmental functions.
