Dr. Kingsley Chiedu Moghalu, Dep Gov CBN
By Obinna Chima
The Deputy Governor, Financial System Stability of the Central Bank of Nigeria (CBN), Dr. Kingsley Chiedu Moghalu has been reassigned from his position as head of the directorate regulating the banking system to deputy governor, operations.
A reliable source at the central bank, who disclosed this to THISDAY at the weekend, revealed that the redeployment takes effect from today.
This followed Mr. Tunde Lemo’s retirement from the central bank last week. Until his retirement, Lemo was the deputy governor operations.
The source who preferred to remain anonymous, said Moghalu’s redeployment was directed by the Governor of the CBN, Mallam Sanusi Lamido Sanusi.
Furthermore, the source revealed that Sanusi will now directly be in charge of the Financial System Stability directorate that was previously headed by Moghalu since the latter’s appointment as CBN deputy governor in November 2009.
The operations directorate of the CBN performs the core functions of banker to the federal government and the commercial banks and manages the nation’s legal tender currency, the naira as well as the foreign reserves.
It also oversees the operations of the central bank’s nationwide branch network, information technology operations, as well as the payment system reforms spearheaded by the CBN over the past three years.
The President appoints the central bank governor and the deputy governors, but the roles of the deputy governors are assigned by the CBN governor with the approval of the board of directors.
Moghalu supervised the implementation of banking sector reforms introduced by the CBN over the past four years. He was the chief executive officer of Sogato Strategies SA, a Geneva, Switzerland-based risk management and strategy advisory firm before his appointment to the CBN, and previously worked for the United Nations for 17 years.
Like the governor and the three other deputy governors, he is also a member of the board of directors and the Monetary Policy Committee (MPC) of the CBN.
Sanusi is expected to step down in June this 2014 when his tenure will expire. Whoever succeeds Sanusi would be the 11th governor of the CBN. Although President Goodluck Jonathan has not given any indication of who will be the next governor, Moghalu had been speculated to be among those being considered for the job.
The 236th MPC of the central bank commences today in Abuja and analysts have largely predicted that the key monetary policy tools would be left unchanged.
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