CBN Changes Deputy Governors to Boost Operations

The Central Bank of Nigeria (CBN) has moved its four Deputy Governors around to strengthen its leadership and improve how it operates.

These changes started on June 1, 2026, and were shown in an updated profile on the bank's official website.

In the new setup, Dr. Muhammad Abdullahi, the Deputy Governor for Economic Policy, has been moved to the Corporate Services Directorate. Mr. Philip Ikeazor now leads the Economic Policy Directorate.

Also, Ms. Emem Usoro, who was in charge of Corporate Services, is now with the Operations Directorate. Mr. Lamido Yuguda has switched from Operations to the Financial System Stability Directorate.

This reshuffle changes the leaders of important departments that handle policy making, banking oversight, administration, and the daily operations of the bank.

The CBN has not given a clear reason for these changes, but many believe it is to improve teamwork in key areas and match leadership roles with the bank's new goals.

The Economic Policy Directorate is key for economic analysis, making monetary policy, and looking at trends that affect decisions on interest rates, inflation, and economic growth.

The Corporate Services Directorate takes care of the administrative tasks that keep the bank running every day.

Meanwhile, the Operations Directorate handles main central banking jobs like managing currency and payment systems. The Financial System Stability Directorate checks for risks in the financial system and works to keep the banking sector strong.

This reshuffle happens as the CBN is making changes to improve how it regulates the banking sector, increase its effectiveness, and support a stable economy.

It also comes during broader efforts by the bank to build public trust in the financial system and improve how it implements policies in its various departments.

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

This news was shared in a statement from the President's Special Adviser on Information and Strategy, Bayo Onanuga.

Onanuga explained that Yuguda's nomination followed the appointment of former CBN Deputy Governor Bala Bello as Special Adviser to the President on Political Economy.