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

This was made known through the office of the secretary to the government of the federation (SGF).

Willie Bassey, director of information, SGF office, in a statement issued on Friday, said the suspension is with immediate effect.

Emefiele is expected to transfer his responsibilities to the deputy governor, Folashodun Adebisi Shonubi and operations directorate pending the conclusion of an investigation of CBN’s Governor office.

The statement read: “This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

“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.”

Godwin Emefiele was appointed the apex bank’s governor on June 4, 2014.