Central Bank of Nigeria (CBN) Salary Structure 2021

Working at the Central Bank of Nigeria is a privilege as it is regarded as one of the best and highest paying jobs one can do in the country. Here is a list of how much CBN workers are being paid.

The Central Bank of Nigeria, also known as CBN is the chief apex bank in the country. It is managed by the CBN Governor and duly oversees the activities of other banks, whether commercial, merchant, micofinance, etc. CBN commenced operations in the year1959 and has its headquarters at Federal Capital Territory, Abuja, Nigeria. Also, The Central Bank of Nigeria boasts of 5,000 to 10,000 employees under its workforce.

Objectives of the CBN are stated as follows:

  •  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
  • 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.

Because of the prestige associated with Central Bank of Nigeria, which is the no 1 bank in Nigeria, many graduates see working there as a great opportunity and life-changing platform. However, employment at the CBN is usually very strict and particularly difficult to get as certain factors come into place for a successful employment because its operations are highly confidential. It is important to note that employment into the central bank of Nigeria takes up a higher level of experience, qualities degree, and connection, as well as requirements as compared to other commercial banks. Therefore, it is expected to put in the extra touch in case you are considering applying for a job there.

Central Bank of Nigeria (CBN) Salary Structure 2021

CBN Salary Structure

Graduate Trainees

When you first get employed by a bank, it is compulsory for you to undergo some months training which will introduce you to the system of the bank. As a trainee, Central Bank of Nigeria will pay you N50,000 every month, while the training last. 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.

Entry Level Staff

After completing the training meant to introduce you to the banking system, you will assume the rank of an entry level staff. The Central Bank pays its entry level staff a monthly salary of N122,000 per month. This is an equivalent of N1,464,000 per year.

Loan Officers

One of the ranks a staff can be promoted to, is the loan officer rank. With the right qualification, a staff of the Central Bank of Nigeria can be made a loan officer. Loan officers at the Central Bank are paid a monthly salary of N573,000 per month and 6,876 000 per annum.

Credit Analysts

Another rank that is usually occupied by staff is the credit analyst rank. Credit analysts get paid a lot of money. The Central Bank pays its credit analyst N647,000 per month. This salary amounts to N7,764,000 per year.

Branch Managers

Working as a branch manager for the Central Bank is quite difficult to come across, as there are not many Central Bank branches. If you however become a branch manager at the Central Bank, you will be paid N732,000 per month. The salary gives a total of N8,784,000 per year. The position of a branch manager is a very prominent one.

 

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