It would be recalled that few days ago CBN rolled out a new foreign exchange guidelines which are expected to stabilise naira in the parallel market.
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 theranking, 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.
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