- Shake Up In CBN As Deputy Governors Are Redeployed (Full List)
- Muhammad Abdullahi, Ikeazor, Usoro, Yuguda received new portfolios.
- PoS geo-fencing enforcement postponed until August 1, 2026.
A reshuffle at the Central Bank of Nigeria (CBN) has led to the redeployment of deputy governors across key divisions of the apex bank, with the changes taking effect from June 1, 2026.
The redeployment, published on the CBN’s official website, confirmed the reassignment of deputy governors to new portfolios as part of efforts to strengthen operations across the institution.
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EKO HOT BLOG reports that under the new arrangement, Dr. Muhammad Sani Abdullahi, who previously served as Deputy Governor, Economic Policy, has been redeployed to the Corporate Services Division. In his place, Mr. Philip Chukwuemeka Ikeazor will now oversee the Economic Policy Directorate.
Similarly, Ms. Emem Nnana Usoro, formerly Deputy Governor, Corporate Services, has been reassigned to coordinate the Operations Directorate as Deputy Governor, Operations. Mr. Lamido Abubakar Yuguda, who previously headed Operations, will now serve as Deputy Governor, Financial System Stability.
The latest redeployments come as the apex bank continues to implement reforms aimed at enhancing operational efficiency and strengthening oversight across Nigeria’s financial system.
Meanwhile, the CBN has postponed the enforcement date for its mandatory Point of Sale (PoS) terminal geo-fencing policy, granting payment service providers additional time to comply with the directive.
The extension was announced in a circular issued on Friday and signed by the Director of the Payments System Supervision Department, Rakiya Yusur. Under the revised timeline, enforcement of the policy will commence on August 1, 2026, replacing the earlier implementation date.
The geo-fencing initiative was first introduced in August 2025 when the apex bank directed all PoS terminals operating across the country to be geo-tagged within 60 days.
According to the CBN, the measure is designed to strengthen oversight of electronic payment transactions, curb fraud, and support Nigeria’s migration to the ISO 20022 messaging standard.
The directive applies to major participants in the financial ecosystem, including Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Super Agents, and switching companies. Affected institutions are expected to comply with the messaging standard requirements and ensure all payment terminals are properly geo-tagged before the new enforcement deadline.
