The Central Bank of Nigeria (CBN) has announced a major redeployment of its Deputy Governors, with the changes taking effect from June 1, 2026.
The reshuffle, published on the apex bank’s official website, reassigns key officials to new portfolios as part of efforts to strengthen operational efficiency and enhance policy implementation across critical departments.
Under the new arrangement, Dr. Muhammad Sani Abdullahi, who previously served as Deputy Governor in charge of Economic Policy, has been redeployed to oversee the Corporate Services Division.
Taking over the Economic Policy Directorate is Mr. Philip Chukwuemeka Ikeazor, who assumes responsibility for one of the bank’s most strategic policy departments.
Similarly, Ms. Emem Nnana Usoro, formerly Deputy Governor, Corporate Services, has been reassigned to coordinate the Operations Directorate.
Mr. Lamido Abubakar Yuguda, who previously supervised Operations, has now been redeployed as Deputy Governor in charge of Financial System Stability.
FULL LIST OF NEW PORTFOLIOS
– Dr. Muhammad Sani Abdullahi – Deputy Governor, Corporate Services
– Mr. Philip Chukwuemeka Ikeazor – Deputy Governor, Economic Policy
– Ms. Emem Nnana Usoro – Deputy Governor, Operations
– Mr. Lamido Abubakar Yuguda – Deputy Governor, Financial System Stability
CBN EXTENDS POS GEO-FENCING DEADLINE
Meanwhile, the CBN has extended the implementation deadline for its mandatory Point of Sale (PoS) terminal geo-fencing policy.
In a circular signed by the Director of the Payments System Supervision Department, Rakiya Yusur, the apex bank announced that enforcement of the policy will now commence on August 1, 2026, instead of the earlier scheduled date.
The geo-fencing initiative, first introduced in August 2025, requires all PoS terminals operating across Nigeria to be geo-tagged. The measure is aimed at strengthening payment system security, improving transaction monitoring, reducing fraud, and ensuring compliance with the ISO 20022 financial messaging standard.
The directive applies to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Super Agents, switching companies, and other payment service providers operating within the country.
Financial institutions affected by the policy are expected to complete the required upgrades and ensure compliance before the new enforcement date.
