Dangote loses $3.7bn as naira’s value drops

On Monday, the richest man in Africa, Aliko Dangote suffered a gigantic financial hit. As a result of the new foreign exchange policy initiated by the federal government, Dangote lost $3.7 billion.

According to Bloomberg, the Nigerian billionaire’s loss saw him drop 25 places on its Billionaires Index. The financial setback suffered by Dangote caused him to fall from 71 to  46 on Bloomberg’s list. Dangote made most of his $12.7 billion fortune from a 91 percent stake in Dangote Cement Plc.

On the first day of the new foreign exchange regime, the naira witnessed series of fluctuations and eventually closed at N288 to a dollar – which is a 40% drop in value.