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Nuzman, who has denied any wrongdoing, is accused by Brazil's federal police of bribing IOC members to support Rio de Janeiro's candidacy to host the Games, reports Xinhua news agency.
The 75-year-old, who represented Brazil in volleyball at the 1964 Tokyo Olympics, has also been removed from a commission to help organise the 2020 Tokyo Olympics.
In a statement, the IOC said the Brazilian Olympic Committee was also suspended due to its responsibility for Rio's bid. The decision means subsidies and payments to the body from the IOC have been blocked.
The IOC added that the bans would not extend to Brazilian athletes.
"The IOC will accept a Brazilian Olympic Team in the Olympic Winter Games Pyeongchang 2018 and in all other competitions under the umbrella of the Brazilian Olympic Committee with all rights and obligations," the statement read.
Police have accused Nuzman of stashing 16 gold bars weighing 1kg each in a depositary in Geneva and $155,000 in cash in his Rio de Janeiro home.
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