uck Jonathan, presidential spokesperson Reuben Abati revealed on Thursday via an official statement.

According to the statement, Sanusi was suspended due to reports of by the Financial Reporting Council of Nigeria and other investigating bodies indicating that his tenure has been characterised by “various acts of financial recklessness and misconduct which are inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline”.

The statement further said the president’s resolve to reposition the CBN for greater efficiency and accountability made Sanusi’s suspension pertinent at this time.

He has therefore been directed to hand over to Deputy Governor (Economic Policy) Sarah Alade who will serve in acting capacity till investigations are concluded.

Although Nigeria reassured all stakeholders in the country’s financial and monetary system that its decision was taken in the interest of the Nigerian economy, analysts say the government’s decision to take the step at this crucial time in the country’s economy proves otherwise and may lead to panic and instability.

Under Sanusi’s reign, Nigeria has seen a fairly stable financial market, following the clean up of the banking sector – a key achievement of the former First Bank CEO. He also championed technology-driven policies such as the cashless banking and mobile money, aimed at stimulating spending and enhancing economic growth.