Naira Devaluation: Aliko Dangote Loses $3.5 Billion In One Day

Africa’s richest person and Nigerian billionaire Aliko Dangote’s fortune fell 25 places on the Bloomberg Billionaires Index on Monday as the naira slumped on first day of flexible exchange rate policy.

The Central Bank on Nigeria had last Wednesday announced a new foreign exchange policy to cushion the effect of currency decline against dollars.

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Dangote’s fortune fell $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 percent stake in Dangote Cement Plc, which shed 2 percent in trading Monday.

Dangote’s slide came as equity markets worldwide surged on hopes that British voters would choose to remain in the European Union.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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