Nigeria’s foray into economic orthodoxy cheers investors

Early moves by Nigeria’s new president to put the country on a more orthodox economic trajectory have been praised by investors who are hopeful that Africa’s most populous country has passed an important inflection point.

Bola Tinubu late on Friday suspended Godwin Emefiele, central bank governor since 2014, citing an “investigation and the planned reforms in the financial sector”. Emefiele, later detained by Nigeria’s intelligence agency, pursued a policy at the central bank of spending large amounts of the country’s foreign reserves to prop up the naira.