President Bola Ahmed Tinubu has officially nominated Lamido Abubakar Yuguda as the new Deputy Governor of the Central Bank of Nigeria (CBN). The announcement, made on Wednesday, March 11, 2026, marks a significant reshuffle in the nation’s apex bank leadership as the administration doubles down on its “Economic Stabilization” agenda.
Yuguda, a seasoned financial heavyweight, is moving into the role following the reassignment of Mr. Bala Bello, who has been appointed as the Special Adviser to the President on Political Economy. The nomination has been sent to the Senate for screening and confirmation in line with Section 8(1) of the CBN Act, 2007.
A Veteran Returns Home:
For Yuguda, this appointment is a homecoming. He began his professional journey at the CBN in 1984 and rose through the ranks over three decades:
- The SEC Era (2020–2024): Most recently, he served as the Director-General of the Securities and Exchange Commission (SEC), where he was credited with driving digital transformation in the capital market, though his tenure also faced scrutiny over the management of investor protection funds.
- The Global Economist: Between 1997 and 2001, he worked at the International Monetary Fund (IMF) in Washington, D.C., as an economist in the Africa Department.
- The Reserve Manager: Before his 2016 retirement from the CBN, he spent six years as the Director of the Reserve Management Department, managing Nigeria’s multi-billion dollar foreign exchange reserves.
The President’s Charge:
In a statement via Special Adviser Bayo Onanuga, President Tinubu urged Yuguda to bring “renewed dedication and professionalism” to the role. The move is seen by analysts as an attempt to bring a “technocratic balance” to the CBN, pairing Yuguda’s capital market expertise with Governor Olayemi Cardoso’s monetary policy focus.
The Senate is expected to begin the screening process by early next week. If confirmed, Yuguda will be stepping into a high-pressure environment as the CBN continues to battle inflation and manage the naira’s stability in a volatile global market.
