- Monthly Salary: ₦480000
- Salary per Week: ₦120000
- Annual Salary: ₦5760000
- Other Income Sources: Nigerian banker, chartered stockbroker and public policy expert
Are you curious about the CBN’s governor’s monthly salary? The governor of the Central Bank of Nigeria is at the top of the hierarchy, so he will make a good sum of money every month. Olayemi Cardoso is the current acting governor of CBN because the previous governor resigned.
If you’re intrigued to know the recent salary of CBN’s governor, dig into the article below. It has all the information about Olayemi Cardoso’s salary and annual income. Scroll till the end to know people’s reactions regarding the salary.
Overview of The Current CBN Governor and His Salary
|Date of Birth:
|Central Bank of Nigeria’s (CBN) Governor
The Central Bank of Nigeria, or CBN, regulates the monetary policies in the country. It is a financial institution that is responsible for achieving goals. The CBN has many employees, and the governor tops the hierarchy.
The governor of the Central Bank of Nigeria has a crucial role, so he must earn a good sum of money. A figure is mentioned below to end the curiosity and confusion among the people. All the information related to the governor’s salary and net worth is discussed.
Name Of CBN Governor
Olayemi Cardoso is currently working as the acting governor of the Central Bank of Nigeria. He is appointed temporarily but is fulfilling the duty as the governor of CBN. Before Olayemi Cardoso, Folashodan Adebisi Shonubi was the governor of CBN till June 2023.
Salary Of CBN Governor
As mentioned, the Central Bank of Nigeria’s governor has many responsibilities, so he earns a reasonable sum. The monthly salary of the CBN’s governor is around 480,000 Naira. If you calculate, the governor is earning about 29,000,000 annually.
The Central Bank of Nigeria fixes this amount because the role of the governor is highest in the hierarchy. Moreover, Olayemi Cardoso gets other allowances and benefits when fulfilling the duty. He gets the house allowance, medical and security allowance, etc.
The governor can also buy a new car every four to five years. Although the tenure is not more than five years, he gets the allowance once during the term. After retirement, a severance package is also given to the CBN’s governor.
This package is around a few percent of the governor’s annual salary. Hence, the Central of Nigeria governor has perks while in the seat and after retirement.
Net Worth Of CBN Governor
After earning a good sum of money, the governor of the Central Bank of Nigeria has a net worth of millions. Olayemi Cardoso is the acting governor of CBN and has a net worth of 3,800,000,000 Naira. As mentioned, the governor of CBN has a tenure of five years and gets many allowances; he earns a great amount of money during his career.
Governor Olayemi Cardoso’s Net Worth
Olayemi Cardoso took over the CBN when Folashodan Adebisi Shonubi resigned. Cardoso was a banker and has worked in public and private sector banks. He was the economic planning and budget commissioner and served as Citibank Nigeria’s chairperson.
As mentioned, Olayemi Cardoso has worked in different sectors and earned a good sum of money, meaning he has a net worth of millions. According to the sources, Cardoso’s net worth is around 3,800,000,000 Naira. He has a great role in developing the economy and maintaining agency relationships.
Perks Of Being The CBN’s Governor
It is mentioned that the governor of CBN has a good salary and gets allowances, too. Although the responsibilities and duties are stressful, the package is worth it. You get a fully furnished residence along with staff and personal assistance.
As a governor, all your travel expenses are free. Moreover, the Central Bank of Nigeria will book luxury hotels for you when traveling for work trips. Hence, enjoying the benefits of being the CBN’s governor is worth all the responsibilities.
Criticism On CBN’s Governor’s Salary
The people of Nigeria criticized the high salary of the CBN’s governor because they thought it was too much. Most people believe that the amount paid to the governor is not justified as it is higher than what other officials working at the same post are getting. On the other hand, some people are okay with this figure and realize that CBN’s governor has great responsibility.
These people believe the salary is justified compared to other government officials worldwide. It shouldn’t be compared with other officials working in Nigeria because they differ in hierarchy. Some officials earn more than the CBN’s governor, but the senators’ and minister’s salary is less.
Who appoints the CBN governor in Nigeria?
The President and the people of Nigeria can appoint a CBN governor. They can choose a new governor after the old one retires or leaves the position willingly.
Who is the first female CBN governor in Nigeria?
Sarah Omuntunde was the first female governor of Nigeria. She was appointed as the acting governor of CBN in 2014. Omuntunde is an economist and well aware of the responsibilities.
How long is the CBN governor in Nigeria?
The Central Bank of Nigeria or CBN’s governor tenure is five years. Nobody can be appointed again to the same position after completing or resigning from the post.
A detailed article explaining the CBN’s governor’s salary is written to end the confusion. People are always curious about the exact figure a CBN governor is getting every month. The pay, along with the allowances, make up an excellent package.
Anyone can work as the governor, but the tenures don’t last for more than five years. Hence, go through the information to know the figure and net worth of the governor.
Article Modified on October 28, 2023. The data in this article is written and collected by multiple authors. Learn how we research on About Us.