The Central Bank of Nigeria is a government-owned institution established for the supervision and control of the affairs of the banking sector in Nigeria. The institution encourages the staff through several means, including human capacity development. One thing is certain though, the salary structure of CBN staff is according to different categories and personnel functions. The attractive salary earned by these personnel has enticed young graduates to work under this reputable financial institution. However, staff members on the entry-level are not entitled to allowances, while the higher cadres have allowances attached to their benefits.
Hierarchy Of The Structure of the CBN
The apex bank is a well-structured financial body with different categories and hierarchies. It comprises twenty-nine departments, each headed by a director. The Central Bank of Nigeria is supervised and directed by a board of directors which is the highest level of the bank.
The CBN governor remains the chairman of the board of directors. In addition, deputy governors of the bank serve as members of the committee of governors on the board of directors. Other board members include six appointed members and the accountant general of the federation.
Summary of The Hierarchy Of The Structure Of The CBN
- Board of directors
- CBN governor
- Deputy governors
- CBN branch controller
- Chief security officers
- Chartered accountants
- Credit analysts
- Loan officers
- Entry-level
- Graduate trainee
Summary of The Hierarchy Of The Structure of the CBN
- Board of directors
- CBN governor
- Deputy governors
- CBN branch controller
- Chief security officers
- Chartered accountants
- Credit analysts
- Loan officers
- Entry-level
- Graduate trainee
The Central Bank of Nigeria Salary Structure
According to the CBN act of 2007, section 8 subsection 3 states that ‘the salaries, fees, wages, or other remuneration or allowances, including pension and other allowances payable to the governor and the deputy governors, shall be as stipulated from time to time by the board subject to the approval of the President.’
Overall, it isn’t easy to access the salary structure of CBN. The information provided on the remunerations is from a survey of some of its employees. Some of the vital staff salaries covered are branch controller, chartered accountant, chief security officer (CSO), and the deputy governor of the CBN.
Graduate Trainees Salary
Like other financial institutions requiring some form of training, this level is the first point for a young graduate who wants a career with the CBN. The person must undergo training to get acquainted with the financial terms. The institution pays allowance in this level.
The main reason for classifying the payment as an allowance is because the candidate is not yet a staff but a trainee, therefore, not entitled to salary yet. However, according to some trainees, CBN pays an allowance of N43,000 every month until the training exercise is completed. This level doesn’t have any other incentive attached to the allowance, such as health insurance cover, travel, or accommodation allowance and the likes.
Entry-Level (General) Salary Structure
At this level, the employee has completed the training exercise of the institution. The personnel at this point is assigned to duty in a department and are supervised duly by senior-level staff. However, it is still a training stage as the employee can’t perform technical tasks.
The employee is included in the salary structure of CBN and is entitled to other allowances from the entry-level staff. The basic salary for this level is N122,000 monthly. This payment differs per department and unit, according to responsibility.
Loan Officers Salary Structure
The position is one of the mid-level positions of the Central Bank of Nigeria. One gets to this position through promotional merit and suitable qualification. In addition, the body takes cognizance of personnel reports and human development.
According to the salary structure of CBN, this level attracts a monthly salary of N573,000, meaning that the loan officer earns N6,876,000 annually. In addition, the loan officers at this level merit allowances like housing, transport, travel allowances, etc. However, to date, the figures on these allowances remain unknown.
Credit Analysts Salary Structure
This is another important position in the Central Bank of Nigeria structure. The personnel in this office is well-grounded in the risk or uncertainties associated with giving out and receiving credits. Nevertheless, as a vital office in the CBN of Nigeria, they earn good remunerations and allowances.
The monthly salary of a CBN credit analyst is N647,000, which amounts to N7,764,000 annually. To most federal institutions, this remuneration is way too huge when compared.
Chartered Accountant Salary
CBN uses accountants and, especially, professional accountants. As a financial institution, their duties cut across all aspects of the institution, like the internal control and audit units. As a result, professional accountants under the audit unit in CBN receive a higher remuneration when compared to other federal government agencies.
Central Bank of Nigeria pays chartered accountants a basic monthly salary of N275,000, giving N3,300,000 as a basic annual salary. The institution requires 3 to 9 years of accounting experience to qualify for this position.
Salary Of The Chief Security Officers (CSOs)
The personnel on this rank is in charge of the security network of the institution. The position heads the office of the CSOs in different CBN branches of the federation. It is vital to the institution as its security is essential to the nation. CSOs of the Central Bank of Nigeria earn N578,000 as a monthly salary and receive N6,936,000 annually.
Branch Controller Salary Structure
The Central Bank of Nigeria has offices across the thirty-six states of the federation, which gave rise to the positions of the branch controllers situated in different state offices. They oversee the institution’s affairs in their respective branches and report to the head office. The branch controller office is also a significant one that the institution attached a high remuneration value to it.
Branch controllers earn a basic monthly salary of N732,000 and receive N8,784,000 annually. Other allowances and incentives associated with the position remain undisclosed.
CBN Deputy Governors’ Salary
The Central Bank of Nigeria made provision for the deputy governor’s office. The office has four deputy governors, each handling some of the departments and units of the institution. The board of directors wholly determines the salary, allowances, and other incentives of the deputy governors under the CBN Act of 2007.
The determined salaries and allowances go for the approval of the President of the Republic of Nigeria. Therefore, the actual figure for the remuneration and other incentives of the deputy governors remains unknown.
The CBN Governor’s Salary
In the hierarchy of the CBN structure, the governor answers directly to the board of directors. The remunerations of the governor of CBN are wholly guided by the CBN Act of 2007, section 8 and subsection 3. The board of directors must analyze all salaries, allowances, and incentives due to the governor. The board would then present the document to the president for approval.
However, it is difficult to ascertain the actual figure due to the governor as the previous salary is liable to be changed by the board of directors and the president of the country.
