The Department of State Services, DSS on Friday arrested the suspended Governor of the Central Bank of Nigeria, Godwin Emefiele.
President Bola Tinubu had earlier announced the suspension of Mr Emefiele from office as the CBN governor.
The office of the secretary to the government of the federation (SGF) announced his suspension.
Willie Bassey, director of information, SGF office, in a statement issued on Friday, said the suspension is with immediate effect.
The President also announced the appointment of Mr Folashodun Adebisi Shonubi as the acting Governor of the Central Bank of Nigeria, in replacement for ousted Emefiele.
Emefiele was directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.