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Tinubu Suspends Emefiele, Orders Probe

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President Bola Ahmed Tinubu has suspended the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, from office with immediate effect.

A Director in the Office of the Secretary to the Government of the Federation,Willie Bassey,announced this in a statement on Friday night.

This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy, according to the statement.

Tinubu had hinted during the presidential campaign that the CBN naira redesign policy which led to the widespread cash crunch was an attempt to frustrate the general elections.

He, however, boasted that he would win the poll against all odds.

Following Tinubu’s emergence as President, there have been insinuations from several quarters that Emefiele might eventually lose his position under the current administration.

Following this development,President Bola Ahmed Tinubu has appointed Mr. Folashodun Adebisi Shonubi, a graduate of the University of Lagos (UNILAG) as Acting Governor of the Central Bank of Nigeria (CBN).

This follows the suspension of Godwin Emefiele, who is currently being probed.

Until his appointment, Shonubi was the Deputy Governor (Operations Directorate) of Nigeria’s apex bank.

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