Nigerian billionnaire and Africa’s richest person, Aliko Dangote’s fortune fell $3.7 billion knocking him to No. 71 on the Bloomberg ranking, down from No. 46 on.
Dangote fell 25 places on the Bloomberg Billionaires index on Monday as the naira tumbled on its first day of trading without a peg to the US dollar.
Majority of Dangote’s $12.7 billion fortune is derived from a 91 percent stake in Dangote cement PLC which shed 2 percent in trading on Monday.
The central bank had began auctioning dollars to limit the currency’s decline.
The bank had been using capital controls to stem an outflow of dollars after the naira crashed in February 2015 when oil prices slumped.
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