June 27, 2016

I lost 50bn naira after Buhari’s new forex policy – Dangote

I lost 50bn naira after Buhari's new forex policy - Dangote

Aliko Dangote who is ranked the richest man in Africa lamented over the financial losses of the Dangote Group after Federal Government’s Monday 20th June 2016 devaluation of the naira.

Speaking while vice president Yemi Osinbajo and Lagos governor Akinwunmi Ambode inspected construction projects at the Dangote Fertiliser and Dangote Refinery in Lekki, Lagos State on Saturday 25th June 2016, Dangote said:

“This week, the Central Bank removed the peg that has held the naira at the official rate of 197 for the last 16 months, leading to a 30 per cent devaluation as the currency traded freely on the interbank market. This devaluation alone, we have lost over 50 billion naira ($176 million).

“The gas, which is our main source of power, is priced in dollars. If there is 40 per cent devaluation, your price will go up by 40 per cent. Every single aspect of the production will go up by that percentage.”

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