Shake Up In CBN As Deputy Governors Are Redeployed (Full List)

A reshuffle has been implemented at the Central Bank of Nigeria (CBN), leading to the redeployment of Deputy Governors in the apex bank with effect from June 1st, 2026.

Naija News reports that the redeployment has been posted on the Central Bank’s website, confirming the reshuffling of the Deputy Governors and their new portfolios.

According to the redeployment directive, Dr Muhammad Sani Abdullahi, Deputy Governor, Economic Policy, has been reassigned to the Corporate Services Division, while Mr Philip Chukwuemeka Ikeazor is now taking over the role at Economic Policy.

Ms Emem Nnana Usoro, who served as Deputy Governor, Corporate Services, is now coordinating as Deputy Governor, Operations. Mr Lamido Abubakar Yuguda, who served as Deputy Governor, Operations, will now serve as Deputy Governor, Financial System Stability.

Meanwhile, the CBN has shifted the enforcement date for its mandatory Point of Sale (PoS) terminal geo-fencing policy, giving payment service providers more time to meet the requirements.

Naija News reports that the apex bank announced the extension in a circular issued on Friday and signed by the Director of the Payments System Supervision Department, Rakiya Yusur. Under the new arrangement, enforcement of the policy will begin on August 1, 2026, instead of the earlier date.

The geo-fencing initiative was first introduced in August 2025 when the CBN directed all PoS terminals across the country to be geo-tagged within 60 days.

The measure forms part of broader efforts to improve monitoring of electronic payments, reduce fraud, and align Nigeria’s payment system with the ISO 20022 messaging standard.

The directive affects key players in the financial sector, including Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Super Agents, and switching companies. These institutions are expected to adopt the required messaging standard and ensure that payment terminals are properly geo-tagged.