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Dollar Rate Struggles…Dangote’s Fortune drops by $3.7 Billion

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While majority are happy about the removal the Naira peg to the Dollar at N199, the effect of the Central Bank of Nigeria‘s decision is being felt by others in a different way.

Nigerian business tycoon Aliko Dangote has slipped 25 places on Bloomberg Billionaires’ Index, as the Naira tumbles to record lows.

Dangote’s fortune has reduced by 3-point-7 billion U.S. Dollars. It’s knocked him to 71st place on the ranking, down from 46th spot on Friday. The majority of Dangote’s fortune is derived from a 91 percent stake in Dangote Cement Company — which is currently trading in the red. The Central Bank of Nigeria has begun auctioning off dollars to limit the currency’s decline.

The Central Bank of Nigeria had been using capital controls to stem an outflow of U.S. Dollars after the Naira crashed in February last year due to lower global oil prices.

6 Comments

  1. Fisayo

    June 22, 2016 at 5:35 pm

    Huh?

    Please can someone explain this in non-finance lingo for those of us who are erm…challenged?

  2. Bellanaja really?

    June 22, 2016 at 5:35 pm

    Ok. So I am always very busy thought out the day. After a hard days work one of the things that I look forward to is chilling with a glass of wine while I go to my favorite website (bellanaija on my phone) to download the day’s gist. Most times I have to use the ‘Next’ button to read more gist on the next page. However, lately bellanaija now uses the next page for ads, when you click ‘next’ you get redirected to a website/ Facebook page of companies, I believe this a new way for companies to advertise on Bellanaija.

    As a cheerleader for capitalism, I don’t have a problem with bellanaija and ads on their website. However, I feel there has to be a very nice balance between placing ads on your website and readers/visitors satisfaction because at the end of the day you need an audience/readers to attract advertisers to your website. The annoying thing is once you are redirected you never get access to the next page, thereby missing out on news/gist that might be on the next page. Why not offer the reader an option to continue on to the redirected site or stay on Bellanaija.

    Bellanaija please I would be very grateful if you can think of a more creative way to have ads on your website without affecting readers’ access to news, I love your website and I get most of my Naija news here, I don’t want to miss out on any news.

    Thank you
    A Bella fan.

    P.S. Please post this comment, another reader might have the same problem, so you can address it. If it has already been addressed or there is another way to see next pages I would like to know that too.

    • BellaNaija.com

      June 22, 2016 at 5:39 pm

      Hiya, it is actually a technical issue which we are attempting to fix.
      We actually do not subscribe to that kind of advertising.

      We have just attempted another fix.
      Try visiting the “Next Page” again.
      If the issue reoccurs,
      Kindly send a screenshot to [email protected]
      Thanks

    • Babe

      June 23, 2016 at 9:25 am

      Thank youuuuuuuuuuuuu!!!!!!!

  3. @edDREAMZ

    June 22, 2016 at 5:49 pm

    a.k.a EDWIN CHINEDU AZUBUKO said…
    .
    Pls can we exchange position, i swear i wont mind…..
    .
    .
    ***CURRENTLY IN JUPITER***

  4. madman

    June 22, 2016 at 6:17 pm

    Who cares? He’s playing with Nigeria’s money anyways…. rent seeker oshi ~

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