The Central Bank of Nigeria (CBN) has announced a reshuffle of four deputy governors, with the changes taking effect from June 1. The CBN disclosed the redeployment through an update on its website, showing fresh responsibilities for the four deputy governors, as the institution continues to oversee monetary policy, financial sector regulation, and other key functions of the nation’s economy. The redeployment is part of the CBN’s reforms to strengthen confidence in the financial sector, improve regulatory effectiveness, and support macroeconomic stability.
New Responsibilities
Under the new arrangement, Muhammad Abdullahi has been moved from the Economic Policy Directorate to head the Corporate Services unit. Mr Abdullahi will now oversee administrative and support functions that ensure the smooth running of the institution. Philip Ikeazor is taking over the Economic Policy Directorate to oversee the bank’s economic research and policy assessment that guides decisions on interest rates, inflation management, and other monetary policy measures.
Operations and Financial Stability
The redeployment also requires Emem Usoro to leave her role in Corporate Services and assume supervision of Operations. In her new role, Ms Usoro is responsible for a range of activities linked to the execution of the bank’s day-to-day responsibilities, including currency management and payment system operations. Lamido Yuguda has been transferred from Operations to the Financial System Stability Directorate. He now focuses on monitoring risks within the banking sector and ensuring the overall health of the financial system.
Institutional Priorities
According to the CBN, the redeployment is intended to leverage “the experience of senior officials across different areas of responsibility and to support evolving institutional priorities.” The changes are part of ongoing efforts to enhance the effectiveness of the central bank in managing Nigeria's monetary policy and financial stability.
