The Central Bank of Nigeria (CBN) 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 published on the apex bank’s official website on Monday.
Under the new arrangement, the 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.
Similarly, the Deputy Governor, Corporate Services, Ms Emem Usoro, has been moved to the Operations Directorate, while Mr Lamido Yuguda has been transferred from Operations to the Financial System Stability Directorate.
The redeployment reshapes the leadership of key departments responsible for policy formulation, banking sector oversight, institutional administration, and the execution of the bank’s core functions.
Although the CBN did not officially state the reasons for the changes, the move is expected to enhance 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 trends that guide decisions on interest rates, inflation, and economic growth.
The Corporate Services Directorate oversees administrative and support functions essential to the day-to-day management of the institution.
Meanwhile, the Operations Directorate is responsible for core banking activities, including currency management and payment systems, while the Financial System Stability Directorate focuses on monitoring risks within the financial system and strengthening the resilience of the banking sector.
The redeployment comes as the apex bank continues to implement reforms aimed at strengthening regulatory oversight, improving institutional effectiveness, and supporting macroeconomic stability.
It also coincides with ongoing efforts to reinforce confidence in the financial system and enhance the effectiveness of policy implementation across the bank’s 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, who noted that Yuguda’s appointment followed the selection of former CBN Deputy Governor Bala Bello as Special Adviser to the President on Political Economy.