The devaluation of the Naira has struck a huge blow to the fortune of Africa’s richest man, Aliko Dangote.
Billionaire loses $7.8 billion to Naira devaluation
Dangote is said to have lost a whopping $7.8 billion out of his $21.6 billion fortune as a result of the devaluation, nearly 10%, and also due to falling stock prices.
According to a Forbes report, the devaluation has knocked more than $40 billion off the value of Nigeria’s economy as the Naira is now trading at N187 to $1, compared to N165 in November.
A fall in oil prices has also affected several blue-chip stocks listed on the Nigerian Stock Exchange such as Dangote Cement, Zenith Bank, Transcorp and United Bank of Africa plunging them to a one-year low.
Also affected by the drop in fortunes are newly listed billionaire and Chairman of Heirs Holdings, Tony Elumelu and Zenith Bank’ co-founder, Jim Ovia.
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