President Bola Ahmed Tinubu has suspended Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN).

In the meantime, Folashodun Adebisi Shonubi, the CBN’s Deputy Governor, would step in as acting Governor.

Willie Obiano, a director at the Ministry of Information, made the announcement in a short statement on Friday.

“President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect,” the statement reads.

This follows an ongoing investigation of his office and precedes planned reforms in the country’s financial sector.

READ ALSO: Tinubu’s Subsidy Comment Triggers Fears, Protests Among Corps Members

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 investigations and the reforms.

Recall that in the president’s inaugural speech, he referred to the CBN’s latest Monetary Policy Rate review as “anti people” and “anti-business.”

According to him, the “monetary policy needs a thorough house cleaning.”

“The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy,” he had said.

He promised to review the monetary policy alongside the naira redesign and cash swap policy, which he described as harshly implemented by the CBN, especially to the detriment of the unbanked members of society.