The Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments in a significant leadership shakeups.

These appointments affect crucial areas such as Monetary Policy department, Trade and Exchange Department, Banking Supervision, Payment Systems and Consumer Protection among others.

This new appointments are coming at a time when regulators are tightening oversight on banks and financial technology firms as it declared last week as well as the final leg of the banking sector recapitulation exercise.

A source at the CBN told The Nation that “the very best were selected as such, no one will complain about the process because they all were appointed from within the system.”

This restructuring signals broader changes at the apex bank.

With the latest appointments, the CBN is strengthening its focus on compliance, consumer protection, and financial sector stability, especially in the face of increasing fraud risks and regulatory actions and other critical areas.

One of the most notable appointments is that of Dr. Olubukola Akinwunmi Akinniyi as Director of Banking Supervision.

His new role places him at the center of banking oversight, a crucial function as Nigeria’s financial institutions prepare to support President Bola Tinubu’s ambition of building a $1 trillion economy.

Another key change is in payment system supervision. The CBN has split the Payments System Management Department into two distinct units—one focused on policy and the other on supervision.

Yusuf Rakiya Opeyemi has been appointed Director of the newly created Payment System Supervision Department, reflecting the CBN’s commitment to tackling rising fraud and ensuring stronger regulatory oversight.

Industry stakeholders had criticised the former structure, which housed payment supervision and policy under a single team, as a bottleneck to effective regulation.

Consumer protection is another area where the CBN is making significant changes. Aisha Isa-Olatinwo has been named Director of Consumer Protection, a department that has faced criticism over unresolved disputes between banks and their customers.

With a background in audits, Olatinwo is expected to take a stricter stance on financial institutions that fail to address customer complaints.

The newly appointed directors include Mal. Abdullahi Hamisu (Banking Services); Dr. OJumu Adenike Olubunmi (Medical Services); Mr. Makinde Kayode Olanrewaju (Procurement & Support Services); Mrs. Jide-Samuel Omoyemen Avbasowamen (Information Technology); Mrs. Sike Rita Ijeoma (Financial Policy and Regulation); Dr. Victor Ugbem Oboh (Monetary Policy); Mr. Nakorji Musa (Trade and Exchange); Dr. Vincent Monsurat Modesola (Strategy Management and Innovation); Mr. Farouk Mujtaba Muhammad (Reserve Management); Dr. Adetona Sikiru Adedeji (Currency Operations and Branch Management); Mr. Hassan Ibrahim Umar (Development and Finance Institutions Supervision); Mr. Solaja Mohammed-Jamiu Olayemi (Other Financial Institutions Supervision) and Dr. Okpanachi Usman Mose (Statistics).

All the appointments took effect from March 3, 2025.

The new leadership team is expected to play a critical role in shaping Nigeria’s financial sector as the CBN enforces stricter regulations and aims for greater efficiency in monetary policy and financial stability.

The Minister of Industry, Trade and Investment, Jumoke Oduwole, says Nigeria has secured $50.8 billion in investment deals as of November 2024.

She made the disclosure when she presented the ministry’s achievements at a ministerial briefing in Abuja on Tuesday.

On trade, the minister said her ministry has positioned Nigeria as a key player under the African Continental Free Trade Area (AfCFTA) agreement and completed a World Trade Organisation (WTO) review.

She added that the ministry was working to remove bottlenecks hindering investment growth while leveraging collaboration with other key stakeholders.

The minister highlighted some reforms, investment inflows, and policy advancements as strides of her ministry.

One of the major reforms she outlined was the ministry’s establishment of an Industrial Revolution Work Group and a National Industry Tour as part of efforts to assess and revitalise Nigeria’s industrial landscape.

These achievements indicate progress in international trade engagement, Oduwole said, even as she highlighted technology and job creation with emphasis on youth participation in a tech-driven economy.

In a piece earlier in February, Oduwole said Africa’s digital trade and trade in services landscape has witnessed significant growth in recent years.

“Indeed, digital trade is transforming the continent’s economic landscape, creating new opportunities for real economic growth, productive job creation, and poverty reduction.

“This important shift has occurred as the African Continental Free Trade Area (AfCFTA) Agreement and its Protocols have begun to play a crucial role in increasing intra-African trade, driving economic growth and development across the continent.

“In particular, the AfCFTA Protocol on Digital Trade, the first of its kind in the world, and the Protocol on Trade in Services are critical game-changers at this pivotal moment, an inflection point in the continent’s journey.

“The AfCFTA is expected to increase intra-African trade from 18% in 2022 to 50% by 2030 (AfDB, 2022). Digital trade is a key part of this, with the internet economy projected to contribute 5.2% of Africa’s GDP by 2025 (Google and IFC, 2022).

“Already, Digital trade and trade in services are recognized as key drivers of Africa’s economic transformation, helping to diversify economies, increase competitiveness, and improve productivity (UNCTAD, 2022).

“The continent’s digital economy is projected to reach $180 billion by 2025, up from $115 billion in 2020, thus, contributing significantly to Africa’s GDP, creating new job opportunities, and expanding regional trade,” she stated.

The naira is exchanging for ₦1,500 to 1 US Dollar at the parallel market (black market) in Nigeria.

This means that for every one dollar, you can get the equivalent in naira of ₦1,500 on March 2, 2025.

The black market rate signifies the value at which individuals can trade their dollars for naira outside the official or regulated exchange channels.

Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government.

Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government.

Today’s March 2 exchange shows that the naira has remained stable against the dollar, maintaining the same rate as it traded on Saturday, March 1, when the naira exchanged at ₦1,500.

The value of any nation’s currency is determined by aggregate supply and demand.

The forces of supply and demand are themselves influenced by a number of factors, including interest rates, inflation, capital flow, and money supply.