Nigeria’s central bank chief has been arrested hours after he was suspended by the country’s new president. Godwin Emefiele has served as governor of the Central Bank of Nigeria for the past nine years.
Nigeria’s Department of State Services said in a statement on Saturday that he was arrested “for some investigative reasons.”
The central bank chief was suspended from office on Friday night and asked to immediately hand over power to his deputy. Emefiele has been investigated in the past for alleged financial crimes although a judge found no evidence to support the allegations. Analysts say his removal from office was expected. They cited some policies he introduced in recent months which were seen as controversial.
Stocks drifted higher on Wall Street, giving the S&P 500 its fourth winning week in a row. The benchmark index edged up 0.1% Friday. The Dow Jones Industrial Average eked out a gain of 43 points, also 0.1%, and the Nasdaq composite rose 0.2%.
Tesla was at the front of the market, rallying 4.1% after announcing that General Motors electric vehicles will be able to use much of the company’s extensive charging network beginning early next year. Investors are looking ahead to next week’s potentially market-moving events, including the Federal Reserve’s next meeting on interest rates and updates on inflation.