Emefiele suspended as CBN governor by Tinubu 

Nigerian President, Bola Tinubu, has announced the suspension of the Central Bank Governor, Mr Godwin Emefiele, from office with immediate effect.

Director of Information, in the Office of the Secretary to the Government of the Federation SGF, Mr Willie Bassey disclosed this in a statement issued Friday night in Abuja. He said the decision was a “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”, the statement added.

Emefiele was among one of the top officials who met with Tinubu on his first day in office as president.

During his inaugural speech, Tinubu said the current 18.5 per cent interest rate of the CBN is “too high”. Tinubu said it needed to be adjusted downwards to encourage investment. He described the interest rate as “anti-people” and “anti-business”.