The president of Nigeria, Bola Ahmed Tinubu, has suspended the country's central bank governor.
In a statement on Friday, the Nigerian government says the suspension of Godwin Emefiele, by president Tinubu takes ''immediate effect.''
It says the decision was against the backdrop of ''ongoing investigation'' into activities of the central bank governor's office as well as the government's plans to carry out ''reforms in the financial sector of the economy.''
President Tinubu who was sworn in at the end of last month, has directed the suspended governor to ''immediately hand over the affairs of his office'' to deputy governor in charge of operations, Folashodun Adebisi, ''who will act as the central bank governor pending the conclusion of investigation and the reforms.''
The government has not given details about the nature of investigation or the issues involved. Godwin Emefiele, 61, has been Nigeria's central bank governor since 2014.
Controversial policy
The suspension of the central bank boss is seen as the first major decision taken by President Tinubu since assuming office.
Nigeria is Africa's largest economy. The Central Bank of Nigeria has recently sparked controversy after it started the implementation of a new currency policy.
It introduced newly redesigned notes into the economy phasing out the existing notes in what the authorities said was an attempt to curb corruption, tackle insecurity and force excess cash back into the banking system.
The bank had said more than 80% of cash in circulation was being hoarded by individuals outside banks.
The policy implemented just before Nigeria's presidential elections in February had caused shortages of cash with long queues at banks and cash machines.
The measure was later suspended by the central bank following a supreme court ruling and public outcry.
