Nigeria's President Bola Tinubu has suspended central bank Governor Godwin Emefiele with immediate effect, following ongoing investigation of his office and planned reforms in the financial sector, the head of the government said on Friday.
Tinubu criticised Emefiele's handling of the currency and monetary policy at his inauguration last week and called on the central bank to work towards a unified exchange rate."President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, from office with immediate effect," the government said in a statement.
Emefiele has been directed to hand over operations to the deputy governor, who will act as the central bank governor pending the conclusion of investigation and the reforms, the statement said. Nigeria is facing severe dollar shortages, forcing many citizens and business to seek foreign exchange on the black market, where its naira currency has progressively weakened.
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