Nigeria’s Tinubu Nominates Former Market Regulator as Central Bank Deputy

By Segun Ojumu

ABUJA, Nigeria—President Bola Tinubu has nominated Lamido Yuguda, a former head of Nigeria’s Securities and Exchange Commission (SEC), to serve as a Deputy Governor of the Central Bank of Nigeria (CBN).

The nomination, which was announced on Wednesday by the President’s spokesperson Bayo Onanuga, is subject to confirmation by the Nigerian Senate.

Mr. Yuguda, a veteran economist and central banker, led the country’s capital markets regulator from 2020 to 2024. His move to the apex bank follows the recent appointment of former CBN Deputy Governor Bala Bello to a political advisory role within the presidency.

A Career Central Banker

The nominee is no stranger to the institution he is set to rejoin. Mr Yuguda began his career at the Central Bank of Nigeria in 1984, eventually rising to become the Director of the Reserve Management Department—a position he held for six years before his retirement from the bank in 2016.

His international experience includes a four-year stint as an economist at the International Monetary Fund (IMF) in Washington, where he worked within the Africa Department.

Economic Stability

The appointment comes at a critical time for Africa’s most populous nation, as the central bank continues to grapple with high inflation and efforts to stabilise the local currency, the naira.

President Tinubu has urged the nominee to discharge his duties with “professionalism and commitment” to ensure Nigeria’s economic stability and growth.

Educated at Ahmadu Bello University in Nigeria and the University of Birmingham in the UK, Mr. Yuguda is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Chartered Financial Analyst (CFA). If confirmed, he is expected to bring significant regulatory and reserve management expertise to the bank’s leadership team.