Senate Confirms Yuguda as CBN Deputy Governor

President Bola Tinubu nominated Yuguda in March, urging him to serve with dedication, expertise, and a strong commitment to Nigeria’s economic stability and prosperity.

The Senate has confirmed Lamido Yuguda’s nomination as deputy governor of the Central Bank of Nigeria (CBN), as well as the appointment of Peggy Onwu as an independent director on the board of the Nigeria Deposit Insurance Corporation (NDIC).

The confirmations, which took place on Wednesday, came after the Senate Committee on Banking, Insurance, and Other Financial Institutions reviewed and adopted its report.

The report was delivered in plenary by the committee’s chairman, Adetokunbo Abiru, and MPs accepted both nominations based on the panel’s findings and recommendations.

President Bola Tinubu nominated Yuguda on March 11, and Bayo Onanuga, Special Adviser to the President on Information and Strategy, announced the decision in a 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,” the statement said.

Yuguda, an economist, previously served as Director-General of the Securities and Exchange Commission (SEC) from 2020 to 2024.

He is also a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a member of the CFA Institute.

He began working for the CBN in 1984 as a senior supervisor in the overseas operations department.

He worked as an economist in the International Monetary Fund’s (IMF) Africa Department from 1997 to 2001 before returning to the apex bank and serving as Director of the Reserve Management Department for six years before retiring in 2016.

Yuguda’s nomination comes after recent changes in the economic management team, such as the appointment of former CBN Deputy Governor Bala Bello as Special Adviser to the President on Political Economy.

Yuguda was also appointed to the CBN’s Monetary Policy Committee (MPC) in February 2024, along with 12 other members.