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Nigeria’s new president, Bola Tinubu, suspended central bank governor Godwin Emefiele “with immediate effect” on Friday evening, according to a statement from the office of the government secretary.

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

Tinubu had been critical of Emefiele in his inaugural address last month, saying interest rates needed to be cut, and that Nigeria’s multiple exchange rate systems should be unified.

The suspension, although long expected, marks a fall from grace for Emefiele, who had led the bank since 2014 and became the first central bank governor since Nigeria’s return to democracy in 1999 to be reappointed for a second five-year term. His current and final tenure was due to end next year.