PRESIDENT Bola Tinubu on Friday suspended the governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.

The president has also ordered a comprehensive probe of Emefiele’s activities as the CBN governor.

A statement signed by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, said the suspension was with immediate effect.

The statement said the suspension “is sequel to the ongoing investigation of his (Emefiele’s) office and the planned reforms in the financial sector of the economy.”

The statement added that: “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 investigation and the reforms.”

Emefiele has been enmeshed in series of controversies over his management of the nation’s economy and his involvement in partisan politics.

Contrary to the CBN Act, Emefiele purchased a nomination form to contest for the presidential ticket of the ruling All Progressives Congress (APC). He withdrew from the race at the last minute.

The introduction of new naira notes shortly before the last general election was the last straw for Emefiele.

For several weeks, Nigerians suffered the pains of cash scarcity as the CBN withdrew old notes from circulation without making new ones available.

He was appointed as CBN governor by former President Goodluck Jonathan on June 4, 2014. At the expiration of his first term in 2019, he was reappointed by former President Muhammadu Buhari.