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● Reshuffle effective June 1, 2026 ●Ikeazor takes economic policy from Abdullahi ●CBN says move aims to strengthen policy coordination and implementation
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 oversight of the financial sector.
The apex bank published the new agreement on its official website on Monday, reshuffling responsibilities between the directorates of monetary policy, operations, business services and financial stability.
—New portfolio formation–
1. Dr. Muhammad Sani Abdullahi: Moved from director of economic policy to head of corporate services
2. Philip Chukwuemeka Ikeazor: takes over from Abdullahi as head of economic policy
3. Ms. Emem Nnana Usoro: Leaves corporate services to oversee operations
4. Mr. Lamido Abubakar Yuguda: Transferred from Operations Directorate to Financial System Stability
The CBN did not state the reasons for the redeployment.
The bank said such changes are common in large institutions “to leverage the experience of senior officials in different areas of responsibility and to support evolving institutional priorities.”
–What each direction does–
Economic Policy Directorate: Manages economic research and policy evaluation that guide decisions on interest rates, inflation management, and other monetary policy measures. Now led by Ikeazor.
Corporate Services Management*: supervises the administrative and support functions for the smooth functioning 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.
Directorate for Financial System Stability: monitors risks in the banking sector and ensures the overall health of the financial system. Now led by Yuguda.
—Times of reform—
The shake-up comes as the 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.
