Few weeks ago, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele announced a nearly 10 percent devaluation of the Naira, after admitting that a plunge in world oil prices and dwindling dollars reserve were making it difficult to defend the value of the currency. The devaluation has knocked more than $40 billion off the value of Nigeria's economy.
The biggest loser among Nigeria's richest people as the Naira slump is Aliko Dangote; Africa's richest man. The devaluation of the Naira coupled with falling stock prices, have erased more than $7.8 billion of his fortune since February. His net worth has dropped from $25 billion to $17.2 billion.
Last week has been a disaster for many companies listed on the Nigerian Stock Exchange (NSE). Dangote Cement has shed close to 40 percent of its market value. The company stock which was trading for N215 as at the beginning of November is now trading at N165 as at yesterday.
Other losers are Tony Elemelu and Jim Ovia; co founder of Zenith Bank.
No comments:
Post a Comment