By Boluwatife Oshadiya | March 11, 2026
Key Points
- President Bola Tinubu nominates Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria
- Nomination follows the redeployment of former deputy governor Bala Bello as Special Adviser on Political Economy
- Yuguda previously served as Director-General of the Securities and Exchange Commission from 2020 to 202
Main Story
President Bola Ahmed Tinubu has nominated Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), a move that now awaits confirmation by the Nigerian Senate.
The nomination, announced by the Presidency, is in line with Section 8(1) of the Central Bank of Nigeria Act, 2007, which empowers the President to appoint the apex bank’s deputy governors subject to legislative approval.
Yuguda’s appointment comes shortly after the redeployment of Bala Bello, the former CBN Deputy Governor, who was recently named Special Adviser to the President on Political Economy.
Before the nomination, Yuguda served as Director-General of the Securities and Exchange Commission (SEC) between 2020 and 2024, where he oversaw reforms in Nigeria’s capital market regulatory framework, including measures aimed at improving investor confidence and strengthening market transparency.
Yuguda is a long-time central banking professional with extensive experience in monetary policy, reserve management, and financial market regulation. He began his career at the Central Bank of Nigeria in 1984 as a Senior Supervisor in the Foreign Operations Department.
He later served in international finance, working as an economist in the Africa Department of the International Monetary Fund (IMF) from 1997 to 2001 before returning to the CBN. Yuguda retired from the apex bank in 2016 after six years as Director of the Reserve Management Department, where he supervised Nigeria’s foreign reserves portfolio.
Academically, Yuguda holds a Bachelor of Science degree in Accountancy from Ahmadu Bello University, Zaria, obtained in 1983, and a Master’s degree in Money, Banking and Finance from the University of Birmingham in the United Kingdom, completed in 1991.
He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Chartered Financial Analyst (CFA) charterholder.
What’s Being Said
“The President expects the new nominee to bring renewed dedication, professionalism, and commitment to strengthening Nigeria’s economic stability and financial system,” the Presidency said in a statement announcing the nomination.
Financial analysts say Yuguda’s extensive background within both the CBN and capital markets regulation could provide continuity within Nigeria’s financial policy leadership at a time when the country is navigating inflation pressures and currency volatility.
“Having someone with deep central banking experience and international exposure could help reinforce institutional credibility within the financial system,” said Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise.
What’s Next
- The Nigerian Senate is expected to review and vote on Yuguda’s nomination in the coming weeks in line with constitutional confirmation procedures.
- If confirmed, Yuguda will join the current leadership team of the Central Bank of Nigeria responsible for monetary policy implementation and financial system supervision.
- The appointment comes as the CBN continues policy efforts aimed at stabilising the naira and controlling inflation in Africa’s largest economy.
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