Aliko Dangote Has Lost 35% Of His Wealth In 2016 - Read WhyConvert Clear
According to the report, the loss was due to the massive fall of the Nigerian currency as the Central Bank of Nigeria rations the dollar, to stem huge capital outflow in the wake of Nigeria’s worst economic crisis.
The Index report also blamed the sharp drop in Dangote’s networth on the slump in commodities prices and the devaluation of the naira in June by the Central Bank of Nigeria (CBN).
Dangote’s net worth is now put at 9.9 billion dollars, a 62 per cent drop since January 2014. Using an average exchange rate of N250 to a dollar, Dangote’s 5.4 billion dollars loss translates to about N1.35 trillion.