President Bola Ahmed Tinubu has nominated Lamido Abubakar Yuguda as deputy governor of the Central Bank of Nigeria (CBN), a move that requires confirmation by the Senate under the provisions of the CBN Act.
The nomination was announced in a statement issued on Tuesday by presidential spokesman Bayo Onanuga. According to the statement, the appointment is “subject to confirmation by the Senate” and is made “in accordance with Section 8(1) of the Central Bank of Nigeria Act, 2007.”
Yuguda’s nomination follows a recent reshuffle that saw the outgoing deputy governor, Bala Bello, appointed as special adviser to the President on political economy.
The presidency said the appointments are expected to support the administration’s economic management efforts. In the statement, the president “charges them to discharge their responsibilities with renewed dedication, professionalism, and commitment to Nigeria’s economic stability and growth in their respective roles.”
If confirmed, Yuguda would return to the CBN, where he previously spent much of his professional career. He began working at the apex bank in 1984 as a senior supervisor in the foreign operations department and later held several positions before retiring in 2016 as director of the reserve management department, a role he held for six years.
Before his nomination, Yuguda served as director-general of the Securities and Exchange Commission Nigeria from 2020 to 2024. His tenure at the capital market regulator came during a period of regulatory reforms and increased scrutiny of market operations in Nigeria.
Yuguda also worked internationally, serving as an economist in the Africa Department of the International Monetary Fund between 1997 and 2001 before returning to the CBN.
He holds a Bachelor of Science degree in accountancy from Ahmadu Bello University, 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. Yuguda is also a fellow of the Institute of Chartered Accountants of Nigeria and a Chartered Financial Analyst (CFA) charterholder.
Under Nigeria’s central banking framework, deputy governors play key roles in monetary policy implementation, financial system oversight, and reserve management at the CBN. The Senate is expected to review the nomination in the coming weeks as part of the statutory confirmation process.
