In Nigeria’s Central Bank (CBN), Governor Olayemi Cardoso has been instrumental in implementing orthodox monetary policies since assuming office in September 2023. His initiatives include devaluing the naira and raising interest rates to combat rising inflation. Assisting Cardoso are four deputy governors who oversee crucial aspects of the CBN.
The deputy governors, appointed alongside Cardoso, hold key positions within the CBN. Dr. Bala M. Bello manages the Operations Directorate, ensuring smooth banking operations. Muhammad Sani Abdullahi leads the Economic Policy Directorate responsible for formulating monetary policies. Philip Ikeazor oversees the Financial System Stability Directorate, and Emem Usoro directs the Corporate Services Directorate.
Under the deputy governors, a team of directors plays a vital role in managing the CBN’s operations and ensuring policy execution. This restructuring, which began in May 2024, affected various departments and personnel, including over 1,000 employees and 16 directors.
Dr. Blaise Ijebor heads Risk Management, Lydia I. Alfa oversees Internal Audit, and Rashida Jumoke Monguno manages the Corporate Secretariat. Other key roles include Jimoh Musa Itopa in the Payments System Management Department, Muhammad Abba in Human Resources, Rabiu Musa in Finance, and Sirajuddin Kofo Salam-Alada in Legal Services.
Aderinola Shonekan provides research insights, Dr. Omolara Duke manages Financial Markets, and Adetona Adedeji oversees Banking Supervision. Saad Hamidu drives Development Finance initiatives. Other roles include Philip Ndanusa Wondi, Dr. Adenike Olubunmi Ojumu, Ibrahim Umar Hassan, Sidi Hakama, Yakubu Bello, Ladi Raulatu Bala-Keffi, Hamisu Abdullahi, Mohammed-Jamiu Solaja Olayemi, Aisha Isa-Olatinwo, and Mujtaba Muhammed Farouk.
These individuals collectively contribute to the efficient functioning and regulatory responsibilities of the CBN.