Central Bank of Nigeria Reshuffles All Four Deputy Governors

Effective June 1, 2026, the Central Bank of Nigeria redeployed all four Deputy Governors to new portfolio assignments as part of a major management restructuring. Dr. Muhammad Sani Abdullahi was reassigned to Corporate Services, Philip Ikeazor to Economic Policy, Emem Usoro to Operations, and Lamido Yuguda to Financial System Stability. The reshuffle comes as the CBN presses ahead with banking sector recapitalisation — requiring Nigerian banks to raise Tier 1 capital before December 2026 — and its ongoing inflation-management and exchange rate stabilisation reforms. Analysts viewed the reshuffle as part of Governor Olayemi Cardoso's effort to align CBN departmental leadership with the bank's reform priorities.