The Central Bank of Nigeria, CBN, has announced a full redeployment of its four Deputy Governors, with changes effective June 1, 2026, as Governor Olayemi Cardoso continues reforms to strengthen financial sector oversight.
The apex bank posted the development on its official website Monday, reshuffling responsibilities across monetary policy, operations, corporate services and financial stability directorates.
—New portfolio lineup–
1. Dr. Muhammad Sani Abdullahi: Moved from Economic Policy Directorate to head Corporate Services
2. Mr. Philip Chukwuemeka Ikeazor: Takes over Economic Policy Directorate from Abdullahi
3. Ms. Emem Nnana Usoro: Leaves Corporate Services to supervise Operations
4. Mr. Lamido Abubakar Yuguda: Transferred from Operations to Financial System Stability Directorate
The CBN did not state reasons for the redeployment.
The bank said such changes are common in large institutions “to make use of the experience of senior officials in different areas of responsibility and to support evolving institutional priorities.”
–What each directorate does–
Economic Policy Directorate: Handles economic research and policy assessment that guide interest rate decisions, inflation management and other monetary policy measures. Now led by Ikeazor.
Corporate Services Directorate*: Oversees administrative and support functions for smooth running of the institution. Now led by Abdullahi.
*Operations Directorate: Manages day-to-day execution including currency management and payment system operations. Now supervised by Usoro.
Financial System Stability Directorate: Monitors risks in the banking sector and ensures overall health of the financial system. Now led by Yuguda.
—Reform timing—
The shake-up comes as CBN pursues reforms aimed at strengthening confidence in the financial sector, improving regulatory effectiveness and supporting macroeconomic stability. It also coincides with ongoing efforts on PSV 2028 to deepen the digital economy.
