Godwin Emefiele has been demoted from governor of the Central Bank of Nigeria (CBN) by President Bola Tinubu.

Willie Bassey, the Office of the Secretary to the Government of the Federation’s director of information, said in a statement that the suspension was a result of an ongoing inquiry into his office.

The sentence reads

“Central Bank Governor Godwin Emefiele, CFR, has been immediately removed from office by President Bola Ahmed Tinubu,

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This is a follow-up to the inquiry into his office that is currently ongoing and the anticipated reforms to the financial sector of the economy.

Mr Emefiele has been instructed to immediately turn over the management of his office to the Deputy Governor (Operations Directorate), who will serve as the Central Bank Governor while the inquiry and reforms are ongoing.The sentence reads

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