Breaking News: CBN Governor, Godwin Emefiele Suspended By President Tinubu

 Nigeria's President, Bola Tinubu has suspended the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele from office with immediate effect.

This is coming on the heels of an ongoing investigation of his office and the planned reforms in the financial sector of the economy.

President Tinubu has ordered to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor till the investigations and reforms are concluded.

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It would be recalled that Tinubu had a running battle with the CBN governor over the naira redesign policy which he alleged was targeted at him by forces against his candidacy.

Established in 1958, the Central Bank of Nigeria (CBN) is the apex Nigerian bank saddled with the mandate of regulating the activities of all other banks in the country. 

Emefiele was first appointed as the Governor of the Central Bank of Nigeria in 2014 and was re-appointed for a second term in 2019.

 President Tinubu says the CBN under the leadership of Mr Emefiele has come under intense public scrutiny due to the rising cost of living and the unfavorable economic situation of the country. 

The Nigerian ruler noted that the CBN has been slow in initiating reforms that will facilitate economic growth and ensure that the financial sector is well-regulated.