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Dangote loses $3.7bn in new CBN forex policy

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Dangote loses $3.7bn in new CBN forex policy

The richest man in Africa/President of Dangote Group, Mr. Aliko Dangote, has suffered another major loss of $3.7 billion from his investments both at local and foreign exchange markets.

The decline in his investments is coming after the CBN commenced flexible policy on foreign exchange policy on Monday.

Checks conducted by Ripples Nigeria shows that the foreign exchange policy which has seen the naira floating and dropping in value by over 40 per cent to N288 per dollar will surely have unintended casualties.

Read also: ‘How Jimoh Ibrahim crippled Air Nigeria despite N34.5bn intervention fund’

According to Bloomberg, Dangote, Africa’s richest person, fell 25 places on the Bloomberg Billionaires Index on Monday as the naira tumbled on its first day of trading without a peg to the U.S. dollar.

Dangote’s fortune fell by $3.7 billion, knocking him to No. 71 on the Bloomberg ranking, down from No. 46 on Friday.
The majority of Dangote’s $12.7 billion fortune is derived from a 91 per cent stake in Dangote Cement Plc, which shed 2 percent in early trading.

Dangote is ranked by Forbes magazine as the 51st richest person in the world and the richest in Africa; he peaked on the list as the 23rd richest person in the world in 2014.

He surpassed Saudi-Ethiopian billionaire Mohammed Hussein Al Amoudi in 2013 by over $2.6 billion to become the world’s richest person of African descent.

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