President Bola Ahmed Tinubu, on Friday night, announced the immediate suspension of the Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele. The suspension is with immediate effect and Emefiele has been ordered to hand over to Deputy Governor, Operations, Mr Folashodun Shonubi.

These were contained in a statement signed by Willie Bassey, a Director in the Office of the Secretary to the Government of the Federation.

According to the statement, Emefiele’s suspension is to smoothen 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 investigation and the reforms”, the statement noted.

For industry watchers, the action was long predicted as President Tinubu, during the presidential campaigns, saw the currency redesign policy as a flawed initiative that hurt Nigerians in no small measure and a calculated attempt to derail the elections.