People rarely look into the salary structure of the chief organizer of the apex bank or the banker’s bank, as some may call it. I believe a good number of people do not actually know how much he earns. Why? one may ask, this is because only a very few people actually delve into the issues of the Governor of central bank as regards salary/recruitment or aspire to get to that position in life, because the CBN governor is appointed by the President.
The Central Bank of Nigeria (CBN), the country’s apex bank, was established by the Central Bank of Nigeria Act of 1958 and began operations in 1959. This indicates that the bank has been in operation for a long time. Various individuals with the title “CBN Governor” have overseen the bank over the years. Godwin Emefiele is the man in charge of the CBN’s affairs at the moment. The bank’s headquarters are in Lagos State, specifically on Lagos Island. Except for national holidays, the bank is usually open Monday through Friday.
The Central Bank of Nigeria’s Responsibilities (CBN)
The apex bank bears many responsibilities, the most important of which is the administration of banks and other financial institutions throughout the country. The following are some of the CBN’s other responsibilities:
- Promotion of the country’s sound financial system
- Provide economic and financial advice to the government
- Federal government and other banks’ banker
- Issuing legal tender, which means that only the CBN has the sole authority to print banknotes.
- Internal and external debt management
Governors of the Central Bank of Nigeria From Past to Present
The CBN has been governed by various individuals since its inception and some of them are as follows;
Fenton, Roy Pentelow From July 24, 1958 to July 24, 1963
Iyong Clement Isong (July 25, 1963 – June 22, 1967)
Ciroma, Adamu From September 24, 1975 to June 28, 1977
Vincent, Ola 28th of June, 1977-28th of June, 1982
Abdulkadir Ahmed. 28th of June, 1982-30th of September, 1993
Agbai Paul Ogwuma. 1st October 1993 – 29th May 1999
Sanusi, Joseph Oladele 29th of May, 1999-29th of May, 2004
Charles Chukwuma Soludo (May 29, 2004 – May 29, 2009)
Aminu Sanusi Lamido .3rd of June, 2009 – 20th of February, 2014
Alade, Sarah From the 20th of February to the 3rd of June, 2014
Godwin Emefiele. 3 June 2014 to the present.
These CBN governors have served their 5 year tenures and left, right now we have Godwin Emefiele who is currently serving his second tenure as the deputy governor of the Central bank of Nigeria.
Before we talk about the salary structure of a CBN governor, his profile and responsibilities, we would have to highlight the salary structure of the staff in CBN, their profile and responsibility, that should give us a better inside into what they do and the difference or gap between the salary structure of different staff and that of the CBN governor. If you’ve ever worked in a company that doesn’t have a structure, you’ll know that a company without a structure will most likely fail after a few years. The CBN, like any other ideal work environment, has a well-structured layout.
The bank employs a variety of workers from various cadres.
The average salary for employees of the Central Bank of Nigeria (CBN) is 580,230 Naira. This information was compiled by 13 employees of the Central Bank of Nigeria (CBN). Assistant Manager, Branch Controller, Chartered Accountant, Chief Security Officer (CSO), Deputy Governor CBN, Engineer, and other positions are available. Let’s start with the lowest ranked staff of CBN.
Salary of Graduate Trainees
It is mandatory for you to receive training as soon as you start working for the central bank. You will be trained for several months to become familiar with the banking system. As a trainee, CBN will pay you N43, 000 per month for the duration of your training.
Salary of Entry-Level Personnel
After completing this training, which is intended to familiarize you with the banking system, you will be assigned to the rank of entry-level staff. The Central Bank pays its entry-level employees a monthly salary of N122, 000, which varies by department and unit. This equates to approximately N1, 464,000 per year. However, the salary for this group of employees is not fixed, as it rises over time, depending on how much time employees spend with the bank
Salary of Loan Officers
Loan officer is one of the ranks to which a member of staff can be promoted. A CBN employee with the appropriate qualifications can be promoted to the level of loan officer. CBN loan officers are paid a monthly salary of N573, 000.
Salary of Credit Analysts
The credit analyst rank is typically held by employees. Credit analysts are well compensated. The Central Bank of Nigeria pays its credit analyst N647, 000 per month. This salary equates to N7,764,000 per year.
Salary of Branch Managers
Because the Central Bank has a limited number of offices across Nigeria, It is uncommon for someone to be appointed to such a position. If, on the other hand, you become a branch manager at the Central Bank, you will be paid N732, 000 per month. The salary is N8,784,000 per year, plus some enticing benefits that are only available for the position. The Central Bank of Nigeria also provides other benefits to its employees, such as school sponsorship for their children, free lunch, travel allowances, health allowances, accommodation allowances (for senior staff), and so on. When working in a place of such significance and magnanimity, one must not only work for the pay but also build himself professionally.
Let’s see also the salary structure of most Accountants working in Central Bank of Nigeria (CBN);
Salaries for Chartered Accountants at the Central Bank of Nigeria (CBN), Nigeria.
The average total salary for a Chartered Accountant at the Central Bank of Nigeria (CBN) in Nigeria is $275,000 per year. This information was compiled anonymously by one employee of the Central Bank of Nigeria (CBN).
Salary for an Entry-Level Chartered Accountant at the Central Bank of Nigeria (CBN)
The average net salary for a Chartered Accountant at the Central Bank of Nigeria (CBN) in Nigeria is currently unknown. We will continue to look for more information about this. This ranges from 0 to 2 years of experience. At the Central Bank of Nigeria, a Chartered Accountant earns a well.
Salary at the Central Bank of Nigeria for a Chartered Accountant at a Mid-Level (CBN)
The average net salary for a Chartered Accountant at the middle level in Central Bank of Nigeria (CBN) in Nigeria is 275,000 Naira. Estimated salary based on one employee. This experience ranges from 3 to 9 years.
Salaries of Chief Security Officers (CSOs) at the Central Bank of Nigeria (CBN), Nigeria
The average net salary for a Chief Security Officer (CSO) at the Central Bank of Nigeria (CBN) in Nigeria is 578K. The Chief Security Officer is responsible for ensuring the safety of property and staff of the Central Bank of Nigeria by organizing his men and ensuring they stick to safety protocols designed. Salary based on 1 employee
Let’s now return back to the profile and the responsibilities of the CBN governor, I believe a lot of you are already itching to learn something new about the current CBN governor. Like we mentioned earlier in this article, the current governor of the Central Bank of Nigeria is Godwin Emefiele.
Emefiele is a Nigerian economist who has served as the Central Bank of Nigeria’s Governor since June 4, 2014. Emefiele was born on August 4, 1961 in Lagos State, Nigeria, and is originally from Ika South in Delta State’s Agbor region. Emefiele attended Government Primary School, Victoria Island (formerly Ansar-U-Den Primary School, Igbosere), Lagos for his primary education. He finished primary school in 1973 and then went on to Maryland Comprehensive Secondary School in Ikeja, Lagos, where he graduated in June 1978 with a West African School Certificate (WASC). He also has a B.Sc. in Finance (1984) and an MBA in Finance (1986) from the University of Nigeria Nsukka (Unn).
Emefiele began his career as a finance and insurance lecturer at the University of Nigeria Nsukka and the University of Port Harcourt, respectively. He had over eighteen years of banking experience prior to joining the Central Bank. He was Zenith Bank Plc’s chief executive officer and group managing director. Emefiele joined Zenith Bank Plc as deputy managing director in 2001. He was an executive director of Zenith Bank Plc, in charge of corporate banking, treasury, financial control, and strategic planning, and he was a member of the management team since its inception. Emefiele worked for Zenith Bank Plc and Zenith Bank (Gambia) Limited as a director.
Emefiele is an executive director at ACCION Microfinance Bank Limited. He has been the governor of Nigeria’s Central Bank since 2014. During his first term, he oversaw an interventionist currency policy at the request of the presidency, bolstering the Nigerian Naira by pumping billions of dollars into the foreign exchange market. He also instituted a multiple exchange rate regime in an attempt to mask the Naira’s depreciation and avoid a series of devaluations. Emefiele was re-elected to a second five-year term by Nigeria’s Senate in 2019. This is the first time that anyone has been elected to a second term in Nigeria since the country’s return to democracy in 1999.
Senator Bukola Saraki read the letter from President Buhari on the 9th of May, 2019. On Wednesday, he was screened, and on Thursday, May 16, 2019, he was confirmed.
CBN Governor’s Responsibility:
- The CBN governor is in charge of formulating and implementing monetary policy, determining interest rates, and channeling money supply in order to achieve price stability; regulating and supervising the banking and financial systems, managing foreign reserves, and ensuring financial market stability. The governor takes active roles in shielding national economies from major crises that could have pushed them off the cliff.
- Keeping the Nigerian naira stable.
- Ensure that Inflation, interest rates, foreign reserves, and the review of the government budget are all monitored and controlled.
- He also recommends and grants approval to the country’s commercial banks.
Let us also take a look at some of Emefiele’s intervention plan as part of his duty as the CBN governor.
Intervention led by Emefiele
As part of its efforts to stimulate infrastructure development across the country, the CBN established a N15 trillion infrastructure development company in collaboration with the fiscal authorities (Infraco). Furthermore, Emefiele was instrumental in the formation of the private-sector-led Coalition against COVID-19 (CACOVID), which was able to mobilize billions of naira and has greatly aided the country’s COVID-19 fight by establishing healthcare facilities across the country and distributing palliatives to states.
The health sector facility provided loans to pharmaceutical companies in order for them to expand or open drug manufacturing facilities in the country. Overall, the CBN recently disclosed that 585,593 beneficiaries had received ₦462.722 billion from its various intervention schemes as of May 28, 2021. According to a breakdown, ₦157.517 billion has been disbursed for 29 real sector projects under the Real Sector Support Facility- Differentiated Cash Reserve Requirement since January 2021. (RSSF-DCRR).
Furthermore, ₦26.008 billion has been disbursed for 10 projects under the COVID-19 manufacturing intervention schemes from January 2021 to date, while ₦255.992 billion has been disbursed for 78 projects under the CMIS from the first month of 2020 to the 28th day of the 5th month, 2021.
However, following the drive for Youth capacity building, the sum of ₦3, 004, 5555,000 has been disbursed under the Nigerian Youth Investment Fund (NYIF) to 7,057 beneficiaries as of May 28, 2021, while the sum of ₦85, 190, 160, 367.80 has been disbursed under the Micro Small and Medium Enterprises Development Fund (MSMEDF) to 746 beneficiaries as of May 28, 2021, and the sum of ₦6 billion has been disbursed under the Micro Small and Medium.
Furthermore, as of May 28, 2021, a total of ₦173, 419,822.07 has been disbursed to 67 beneficiaries through the Youth Enterprise Development Fund (YEDF). YEDP disbursement by geopolitical zone revealed that 39 beneficiaries in the South-west received N98, 570,852.07; 11 beneficiaries in the North-central received ₦28, 805, 740; and eight beneficiaries in the South-east received ₦22, 050,000.
Furthermore, six beneficiaries received ₦16, 023,230 from the South-South; two beneficiaries received N4, 970,000 from the North-West; and one beneficiary received N3,000,000 from the North-East. A breakdown of the N100 billion healthcare facility revealed that applications for 222 projects totaling ₦177.424 billion have already been received.
Salary of the CBN Governor – ₦9 Million
The CBN governor earns about 9 million as salary, aside from other juicy benefits that he is entitled to.
In summary, this article gives you an idea of structure in CBN, the salary, and responsibilities of the CBN governor as well as other details about his life that you must not have come across elsewhere.