Shake-Up At CBN: Deputy Governors Redeployed, Full List Released

The Central Bank of Nigeria (CBN) has carried out a major internal reshuffle involving its Deputy Governors, with the changes taking effect from June 1, 2026.

According to Ireporter Online, the redeployment details were published on the apex bank’s official website, confirming new portfolios for top officials within the institution’s leadership structure.

Under the new arrangement, Dr. Muhammad Sani Abdullahi, previously overseeing Economic Policy, has been moved to the Corporate Services Directorate. In the same vein, Mr. Philip Chukwuemeka Ikeazor has been appointed to head the Economic Policy portfolio.

Similarly, Ms. Emem Nnana Usoro, who formerly served in charge of Corporate Services, has now been reassigned to coordinate Operations, while Mr. Lamido Abubakar Yuguda has been redeployed from Operations to the Financial System Stability Directorate.

In a related development, the CBN has also adjusted the timeline for the enforcement of its mandatory Point of Sale (PoS) terminal geo-fencing policy, granting payment service providers additional time to comply with the regulatory requirements.

According to Ireporter Online, the extension was announced via a circular issued on Friday and signed by the Director of the Payments System Supervision Department, Rakiya Yusur. The new enforcement date has now been fixed for August 1, 2026, instead of the earlier scheduled timeline.

The geo-fencing policy, first introduced in August 2025, requires all PoS terminals across the country to be geo-tagged within 60 days of activation. The initiative is aimed at strengthening oversight of electronic payments, reducing fraud, and aligning Nigeria’s payment ecosystem with the ISO 20022 messaging standard.

The directive covers key stakeholders in the financial sector, including Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Super Agents, and switching companies, all of whom are expected to comply with the updated technical and regulatory requirements.