New president Bola Tinubu suspended the governor of the central bank - the CBN - on the night of Friday to Saturday, June 10. Godwin Emefiele, a close associate of former President Muhammadu Buhari, is blamed for the severe cash shortage that paralyzed the Nigerian economy earlier this year.
A controversial monetary policy to replace all of the country's banknotes had led to this severe liquidity crisis. The Labour Party accuses the new head of state of waging a personal "vendetta" against the governor.