Why Tinubu suspended CBN’s Emefiele

President Bola Tinubu has suspended the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

The development was announced on Friday in a statement by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey.

According to the statement, “President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect”.

“This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

“Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.”