The Central Bank of Nigeria (CBN) has reassigned its four Deputy Governors as part of a management restructuring designed to enhance operational effectiveness and strengthen leadership across key departments.
The changes took effect on June 1, 2026, according to updated information published on the apex bank’s official website on Monday.
Under the new structure, Dr Muhammad Abdullahi, who previously supervised the Economic Policy Directorate, has been moved to the Corporate Services Directorate. Mr Philip Ikeazor has taken over responsibility for the Economic Policy Directorate.
The reshuffle also saw Ms Emem Usoro leave the Corporate Services Directorate for the Operations Directorate, while Mr Lamido Yuguda was transferred from Operations to the Financial System Stability Directorate.
The latest changes affect departments that play major roles in monetary policy development, banking sector supervision, institutional administration and the implementation of the bank’s core responsibilities.
Although the CBN did not provide an official explanation for the redeployments, the adjustments are expected to improve coordination among strategic units and align management responsibilities with the institution’s current priorities.
The Economic Policy Directorate is responsible for economic research, monetary policy formulation and the evaluation of macroeconomic trends that influence decisions on inflation, interest rates and economic growth.
Meanwhile, the Corporate Services Directorate handles administrative and support services essential to the daily operations of the bank.
The Operations Directorate oversees key banking functions, including currency management and payment systems, while the Financial System Stability Directorate focuses on identifying risks within the financial sector and strengthening the resilience of the banking industry.
The management changes come as the apex bank continues efforts to deepen regulatory oversight, improve institutional performance and support macroeconomic stability.
The redeployments also coincide with ongoing initiatives aimed at boosting confidence in Nigeria’s financial system and improving the implementation of policies across the bank’s directorates.
The latest development follows the nomination of Lamido Yuguda as a Deputy Governor of the CBN by President Bola Tinubu in March 2026.
The nomination was announced by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, who stated that Yuguda’s appointment followed the elevation of former CBN Deputy Governor Bala Bello to the position of Special Adviser to the President on Political Economy.
