foreign exchange policy

Dangote loses $3.7bn as naira’s value drops

On Monday, the richest man in Africa, Aliko Dangote suffered a gigantic financial hit. As a result of the new foreign exchange policy initiated by the federal government, Dangote lost $3.7 billion. According to Bloomberg, the Nigerian billionaire’s loss saw him drop 25 places on its Billionaires Index. The financial setback suffered by Dangote caused him to fall from 71... Read More

The News Blog

$3.7 billion, aliko dangote, Billionaires Index, Bloomberg, Dangote Cement Plc, Federal Government, foreign exchange policy

February 20, 2016

‘Naira would exchange for N700 to a dollar, if…’

Owing to the persistent depreciation of the value of the Nigerian currency- Naira- the Lagos Chamber of Commerce and Industry and the Association of National Accountants of Nigeria, on Friday, called for the review of the country’s foreign exchange policy. According to the two professional bodies, if Nigeria doesn’t review the current exchange policy, the... Read More

The News Blog

dollar, foreign exchange policy, naira, naira devaluation, nigeria