CBN redeploys four deputy governors in management shake-up

The Central Bank of Nigeria (CBN) has redeployed its four Deputy Governors in a management reshuffle aimed at strengthening leadership coordination and enhancing operational efficiency across the apex bank.

The changes, which took effect from June 1, 2026, were reflected in an updated profile published on the CBN’s official website on Monday.

Under the new arrangement, Deputy Governor for Economic Policy, Dr. Muhammad Abdullahi, has been moved to head the Corporate Services Directorate, while Mr. Philip Ikeazor now takes charge of the Economic Policy Directorate.

Also, Deputy Governor for Corporate Services, Ms. Emem Usoro, has been reassigned to the Operations Directorate, while Mr. Lamido Yuguda moves from Operations to the Financial System Stability Directorate.

The redeployment reshapes the leadership of key directorates responsible for monetary policy, banking sector supervision, institutional administration and the execution of the bank’s core operations.

Although the CBN did not officially disclose the reasons for the changes, the exercise is expected to improve coordination among strategic departments and align leadership roles with the institution’s evolving priorities.

The Economic Policy Directorate oversees economic analysis, monetary policy formulation and the assessment of macroeconomic trends influencing decisions on inflation, interest rates and economic growth.

The Corporate Services Directorate manages the bank’s administrative and support functions, while the Operations Directorate handles core banking activities, including currency management and payment systems operations.

Meanwhile, the Financial System Stability Directorate is tasked with monitoring risks in the financial system and strengthening the resilience of the banking sector.

The reshuffle comes as the apex bank continues reforms aimed at deepening regulatory oversight, improving institutional effectiveness and sustaining macroeconomic stability.

The changes also coincide with broader efforts to reinforce public confidence in the financial system and strengthen policy implementation across the bank’s directorates.

Earlier in March 2026, President Bola Tinubu nominated former Director-General of the Securities and Exchange Commission, Lamido Yuguda, as Deputy Governor of the CBN.

The nomination, announced by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, followed the appointment of former CBN Deputy Governor, Bala Bello, as Special Adviser to the President on Political Economy.