Nigeria’s President, Goodluck Jonathan has appointed the Managing Director of Zenith Bank PLC, Godwin Emefiele as the new governor of the country’s Central Bank.

Mr. Jonathan is reported to have submitted Mr. Emefiele’s name to the Senate for confirmation yesterday - hours after he announced the suspension of the governor, Sanusi Lamido for "financial recklessness and misconduct".

The Central Bank of Nigeria’s deputy governor, Sarah Alade, was subsequently named as acting governor of the bank.

Mr. Emefiele is however to take over fully as the substantive governor in place of Mr. Sanusi whose tenure elapses in June 2014.