Maldives President Mohamed Nasheed resigned during a televised press conference on Tuesday following overnight protests and demonstrations.

In this photograph taken on December 27, 2011, Maldivian President Mohamed Nasheed looks on while attending a military parade in the central Sri Lankan town of Diyatalawa. [Xinhua/AFP]

Nasheed said at a time of chaos he believes the best for the country would be his resignation, adding that he don't want to see further unrest and bloodshed to continue in the country.

Nasheed was born in 1967 and served as the 4th president of the country as he was elected in the first ever democratic elections in 2008.

He further calls on all parties to adhere democratic values and the constitution.

Police and Armed Forces and opposition are celebrating his resignation across the streets of capital Mal.

His resignation comes after opposition protesters continued antigovernment rallies in the capital for 22nd consecutive night triggered after military detention of criminal court judge Abdullah Mohamed.

Violence broke out on Monday night as the army and police were deployed to break up protestors gathered at Republic Square.

A spokesman for the Maldives opposition Dhivehi Qaumee Party ( DQP) told Xinhua via telephone from the Maldives capital Male that there were scenes of jubilation in the country following the announcement that Nasheed had resigned.

DQP spokesman Mohhomad Malech Jamal said that opposition political parties will now meet and decide on holding elections for a new President.

He said that following Nasheed's resignation, a new police and army chief will be appointed. He also said that some officials of the ruling party headed by Nasheed are expected to be arrested later on Wednesday.

Maldives is a top tourist destination in the world made up of several islands.