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

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.