Cardoso Welcomes Lamido Yuguda as New CBN Deputy Governor Amid Push for Financial Stability

The leadership team at the Central Bank of Nigeria has been expanded with the formal assumption of Mr Lamido Yuguda as Deputy Governor, marking another significant development in the ongoing reforms within Nigeria’s apex financial institution.

Yuguda officially took office on Monday, May 11, 2026, after subscribing to the relevant oath in the presence of the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and other senior officials of the bank. The ceremony signals the commencement of his role within the apex bank’s leadership structure as the institution intensifies efforts to strengthen monetary stability, banking sector confidence, and economic reforms.

The appointment comes at a critical period for Nigeria’s financial system, with the CBN pursuing policy measures aimed at curbing inflation, stabilising the naira, improving foreign exchange liquidity, and restoring investor confidence in the economy.

Yuguda, a seasoned financial expert and former Director-General of the Securities and Exchange Commission, is expected to bring extensive regulatory and capital market experience into the apex bank’s management team. Before leading the SEC, he also held several strategic positions within the CBN and worked with the International Monetary Fund (IMF), giving him deep institutional and international financial expertise.

Sources within the financial sector say his appointment is expected to further strengthen coordination between monetary policy management and capital market regulation, especially at a time when Nigeria is seeking increased foreign investment inflows and broader financial sector stability.

Speaking shortly after the ceremony, Cardoso reportedly expressed confidence in Yuguda’s capacity to contribute meaningfully to the bank’s mandate and ongoing reform agenda. The CBN leadership under Cardoso has consistently emphasised transparency, policy discipline, and institutional credibility since assuming office in 2023.

Industry analysts believe Yuguda’s return to the apex bank could also enhance regulatory synergy between banking operations and the capital market ecosystem, given his previous oversight experience at the SEC.

The development follows the recent confirmation of Yuguda by the Nigerian Senate after his nomination by President Bola Ahmed Tinubu as Deputy Governor of the Central Bank of Nigeria.

With Nigeria confronting persistent macroeconomic pressures, rising inflation, exchange rate volatility, and growing demands for investment-driven growth, stakeholders are expected to closely monitor how the expanded CBN leadership team navigates the country’s evolving economic landscape in the coming months.

Lamido Yuguda has formally assumed office as Deputy Governor of the Central Bank of Nigeria, joining Olayemi Cardoso’s leadership team as the apex bank intensifies efforts to stabilise Nigeria’s economy and financial system.