President Bola Ahmed Tinubu has suspended the Central Bank Governor, Godwin Emefiele, from office with immediate effect.
Mr. Emefiele has been directed to hand over the affairs of the apex bank to the Deputy Governor, Operations Directorate.
He will function as the acting Governor of the Central Bank pending the conclusion pf investigations into allegations of abuse of office leveled against Mr. Emefiele.
While Nigeria prepared for the general election, the CBN introduced a naira redesign policy which attempted to withdraw currency notes and replace them with new designs.
The exercise was interpreted to target politicians who are believed to be stocking cash for the purpose of vote buying.
The execution of the currency redesign by the apex bank was very poor, leading to the economic difficulty as there was serious scarcity of cash for daily transactions.
Mr. Emefiele had been in the eye of the storm ever since as many believed he will have a tough time in the hands of President Bola Tinubu, who was speculated to be the target in the cash shrinking policy.
