The CBN Governor salary in 2026 is commonly quoted at ₦2,480,212 per month, equivalent to ₦29,762,544 per year. The figure does not appear as Olayemi Cardoso’s individual salary in the Central Bank of Nigeria’s latest financial statements.
The Governor’s total remuneration can include allowances, pension and other benefits. Section 8(3) of the Central Bank of Nigeria Act gives the CBN Board authority to determine the Governor’s remuneration, subject to the President’s approval.
CBN Governor Salary Per Month and Per Year in 2026
The CBN Governor salary per month is commonly reported as ₦2,480,212. Multiplying the monthly figure by 12 gives an annual salary of ₦29,762,544.
| Salary period | Amount |
| Monthly salary | ₦2,480,212 |
| Annual salary | ₦29,762,544 |
| Monthly equivalent | ₦2.48 million |
| Annual equivalent | ₦29.76 million |
The figures represent the commonly reported basic salary for the office. They do not establish the Governor’s complete remuneration package.
The CBN’s 2024 financial statements do not list Cardoso’s individual salary. Instead, they provide combined compensation for key management personnel, which means the accounts cannot be used to confirm ₦2,480,212 as Cardoso’s individual 2026 pay.
CBN Governor Allowances and Benefits
The CBN Governor’s allowances and benefits can extend beyond the basic salary. The remuneration framework can cover accommodation, transport, domestic staff, utilities, medical care, security, furniture, leave benefits, pension and other allowances.
Section 8(3) of the Central Bank of Nigeria Act does not prescribe a separate fixed naira amount for each allowance. The CBN Board determines the applicable remuneration package under the statutory approval process.
The current individual value of Cardoso’s allowances is not stated separately in the CBN Act.
Remuneration in the 2024 Financial Statements
The Central Bank of Nigeria’s 2024 Summary Consolidated and Separate Financial Statements, dated 2 May 2025, record compensation for the Bank’s key management personnel.
The CBN reported ₦2.85 billion in total compensation for 12 key management personnel in 2024. The group consisted of the Governor, four Deputy Governors and seven Non-Executive Directors.
The compensation comprised:
- ₦1.33 billion in salaries and other short-term employee benefits
- ₦1.51 billion in post-employment pension and medical benefits
- ₦2.85 billion in total compensation
The ₦2.85 billion figure covers all 12 members of the group. It does not identify the amount paid individually to Governor Olayemi Cardoso.
The financial statements therefore do not establish a separate 2024 salary for Cardoso and cannot be used to confirm his individual 2026 remuneration.
Who Determines the CBN Governor’s Salary?
The CBN Board determines the salary, fees, wages, remuneration, allowances and pension of the Governor and Deputy Governors, subject to the President’s approval.
Section 8(3) of the Central Bank of Nigeria Act 2007 provides the legal basis for the remuneration arrangements.
The CBN Governor’s pay therefore does not follow the standard federal civil service salary structure. The Board determines the remuneration package under the provisions of the CBN Act.
The President appoints the Governor and Deputy Governors subject to confirmation by the Senate. Their terms and conditions of service are also set out in their appointment arrangements.
CBN Governor Severance Pay
The CBN Governor severance pay is commonly calculated at 300% of annual salary.
Using the reported annual salary of ₦29,762,544, the calculation is: ₦29,762,544 × 300% = ₦89,287,632
The resulting ₦89,287,632 represents a calculation based on the reported annual salary. It should not be treated as a confirmed severance payment due to Olayemi Cardoso in 2026.
The actual amount payable depends on the applicable remuneration arrangements at the end of the Governor’s tenure.
Who Is the CBN Governor in 2026?
Olayemi Michael Cardoso is the Governor of the Central Bank of Nigeria in 2026. President Bola Ahmed Tinubu nominated him on 15 September 2023 for a five-year term, subject to Senate confirmation.
Cardoso assumed duty as acting Governor on 22 September 2023 following the resignation of Godwin Emefiele. The Senate confirmed his appointment on 26 September 2023.
The CBN states that Cardoso commenced his tenure as Governor on 5 October 2023.
Before joining the CBN, Cardoso served as Chairman of Citibank Nigeria and Commissioner for Economic Planning and Budget in Lagos State. He also held positions in banking and financial services.
Cardoso earned a Bachelor’s degree in Managerial and Administrative Studies from Aston University and a Master’s degree in Public Administration from Harvard Kennedy School.
His five-year term places him in office throughout 2026.
Frequently Asked Questions
How much is the CBN Governor’s salary per month?
The CBN Governor’s salary is commonly quoted at ₦2,480,212 per month. The corresponding annual figure is ₦29,762,544 before separate allowances and benefits.
How much does the CBN Governor earn per year?
The commonly reported CBN Governor annual salary is ₦29,762,544, calculated from a monthly figure of ₦2,480,212.
What is the CBN Governor salary in 2026?
The CBN Governor salary in 2026 is commonly reported as ₦2,480,212 per month, equivalent to ₦29,762,544 annually. The CBN’s 2024 accounts do not identify this amount as Cardoso’s individual salary.
Who is the CBN Governor in 2026?
Olayemi Cardoso is the Governor of the Central Bank of Nigeria in 2026. He began his tenure in October 2023.
What allowances does the CBN Governor receive?
The CBN Governor’s remuneration can include allowances and benefits covering areas such as accommodation, transport, medical care, security, domestic staff, utilities, pension and other provisions determined under the CBN Act.
Who determines the CBN Governor’s salary?
The CBN Board determines the Governor’s salary and other remuneration, subject to the President’s approval under Section 8(3) of the Central Bank of Nigeria Act 2007.
Is ₦2.48 million the official CBN Governor salary?
₦2,480,212 is the commonly reported figure, but the CBN’s latest financial statements do not identify it as Olayemi Cardoso’s individual salary. The 2024 accounts provide combined compensation for the Governor, four Deputy Governors and seven Non-Executive Directors.
How long does the CBN Governor serve?
The CBN Governor serves a five-year term and may be reappointed for another five years, allowing for a maximum tenure of 10 years.
What is the CBN Governor’s severance pay?
The commonly cited severance rate is 300% of annual salary. Applying that rate to ₦29,762,544 gives ₦89,287,632.
