President Bola Ahmed Tinubu has suspended the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, with immediate effect, less than two weeks after assuming office as President and Commander-in-Chief of the Armed Forces.

According to a statement issued and signed by the Director of Information in the Office of the Secretary to the Government of the Federation (OSGF), Willie Bassey, on Friday night, the suspension went into effect as part of an investigation into his office and the reforms planned for the financial sector of the economy.

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The statement noted that Emefiele has been instructed to promptly turn over his office to the Deputy Governor (Operations Directorate), who will serve as Central Bank Governor until the investigation and reforms are complete.

"With immediate effect, President Ahmed Tinubu has suspended the Central Bank Governor, Mr. Godwin Emefiele. This is a result of the ongoing investigation into his office and the proposed financial sector reforms.

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"Mr. Emefiele has been instructed to immediately turn over his office to the Deputy Governor (Operations Directorate), who will act as Central Bank Governor until the investigation and reforms are complete," he stated.

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