CBN redeploys four deputy governors in management shake-up

The Central Bank of Nigeria has redeployed its four Deputy Governors in a management reshuffle aimed at strengthening its leadership structure and improving operational efficiency.

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

Under the new arrangement, Deputy Governor in charge of Economic Policy, Dr Muhammad Abdullahi, has been reassigned to the Corporate Services Directorate. In his place, Mr Philip Ikeazor will now oversee the Economic Policy Directorate.

The restructuring also saw the Deputy Governor, Corporate Services, Ms Emem Usoro, moved to the Operations Directorate, while Mr Lamido Yuguda was transferred from Operations to the Financial System Stability Directorate.

The latest redeployment alters the leadership of key departments responsible for policy formulation, banking sector oversight, institutional administration and the execution of the bank’s core operations.

Although the CBN did not state the reasons behind the changes, the exercise is expected to strengthen coordination across strategic departments and align leadership responsibilities with the bank’s evolving priorities.

The Economic Policy Directorate plays a central role in economic analysis, monetary policy formulation and the assessment of macroeconomic developments that influence decisions on interest rates, inflation and growth.

The Corporate Services Directorate oversees administrative and support functions critical to the day-to-day management of the institution.

Similarly, the Operations Directorate is responsible for core banking activities, including currency management and payment system operations, while the Financial System Stability Directorate focuses on monitoring risks within the financial system and promoting the resilience of the banking sector.

The redeployment comes at a time when the apex bank is implementing a series of reforms aimed at strengthening regulatory oversight, improving institutional effectiveness and supporting macroeconomic stability.

The changes also coincide with ongoing efforts by the bank to reinforce confidence in the financial system and enhance the effectiveness of policy implementation across its various directorates.

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

The nomination was announced in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

Onanuga said Yuguda’s nomination follows the recent appointment of the former CBN Deputy Governor, Bala Bello, as Special Adviser to the President on Political Economy.