Nigeria suspends central bank head: Official

Olanrewaju Kola

LAGOS, Nigeria (AA) -Nigeria announced Friday the suspension of its central bank head.

Central Bank of Nigeria (CBN) Governor Godwin Emefiele has been directed by the president to hand over his deputy immediately “to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of an investigation and the reforms," said Willy Bassey, director of information in the Office of the Government Secretary.

He said the president suspended the apex bank head to allow the conclusion of an investigation of his office and planned reforms in the financial sector.

Emefiele has been severally criticized for his naira swap policy which led to a scarcity of the currency notes and protests in parts of the country.

He also attempted to contest the presidential election as a sitting CBN head with incumbent president, Bola Tinubu, in the same political party. He later withdrew his nomination.

It was the first major step taken by Tinubu since assuming office May 29.

Nigeria, Africa's biggest economy is confronted with inflation, a double exchange rate system and a high cost of living among other economic problems.