President Bola  Tinubu has suspended the Central Bank Governor, Godwin Emefiele, from office with immediate effect. 

The announcement was made in a statement signed by Willie Bassey, the Director, Information in the office of the Secretary to the Government of the Federation.

The statement said suspension 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" said the statement.

Emefiele will be remembered for the Naira redesign which created a cash crunch in the West African Nation in the first quarter of 2023. 

The redesigned bank notes 200, 500 and 1000 Naira came into circulation in December 2023.

Former President Muhammadu Buhari had in November 2022 launched the new 200-, 500-, and 1,000-naira notes, his government claimed the redesigned notes were introduced to fight counterfeits, tackle insecurity among others.