President Bola Tinubu has ordered investigation into the activities of suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

Though Emefiele’s suspension was announced this evening, insiders sources said the President had from his days as President-elect penciled Emefiele down as one of the public officers to be probed.

The investigation would centre on the naira swap policy and minting of new naira notes, forex deals orchestrated by CBN under Emefiele especially the issue of arbitrage resulting from the multiple exchange rates.

The forex probe may consume some commercial bank top executives who were said to be in league with some CBN officials in using the multiple forex regimes to swindle the nation.

The Presidency statement suspending Emefiele reads thusly:

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

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.

Willie Bassey

Director, Information

For: Secretary to the Government of the Federation

9th June, 2023.