After two recessions, a botched naira redesign scheme, and different economic policies that saw Nigerians counting their losses weekly, Godwin Emefiele, Nigeria’s central bank governor, has been suspended by the president.

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), has been suspended from office by the country’s president, Bola Ahmed Tinubu. The suspension takes immediate effect, as contained in a statement from the office of the secretary to the government of the federation (SGF).

According to the statement, the office of the central bank governor is under investigation in relation to the planned reforms in the financial sector of the economy of the new administration. Emefiele’s suspension comes 11 days after the inauguration of Nigeria’s new president.

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Emefiele has been directed to hand over affairs of the CBN to Folashodun Shonubi, deputy governor, Operations Directorate. “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 reads in part.

The suspended CBN governor served under the former president, Muhammadu Buhari, for eight years. Before his suspension, Nigeria went through two recessions and an inflation rate that steadily increased to about 22.04%.

Emefiele also instituted a naira redesign policy meant for Nigerians to swap old naira notes with newly redesigned notes. This policy caused a cash crunch in the country bringing the country to its knees due to the unavailability of cash for transactions. 

It was not stated how long the suspension will last or how when the investigations are expected to conclude.

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Noah Banjo Senior Editor

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