Dangote Loses $3.7Billion On Sliding Naira

Aliko Dangote,Nigerian billionaire and Africa’s richest person, fell 25 places on the Billionaires Index on Monday
Dangote’swealth lost $3.7 billion, knocking him to No. 71 on the ranking, down from No. 46 on Friday.

The majority of Dangote’s $12.7 billion fortune is derived from Dangote Cement Plc on a 91% stake, which shed two per cent in trading Monday.
The Central Bank of Nigeria (CBN) began auctioning dollars to limit the currency’s decline.
The bank had been using capital controls to stem an outflow of dollars after the naira crashed in February 2015 when oil prices slumped.

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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