Dangote drops in the world's Richest Ranking due to the recent crash in naira, Dangote who happens to be the richest black man in the world was the 51st richest man in the world as at March 2016, but due to the recent plunge in Naira, has been dropped to 101 as at the start of business on Monday.
The current crisis rocking Dangote’s group has been attributed to the launch of the new foreign exchange regime on June 23, 2016, by President Muhammadu Buhari. The new forex policy has not just dropped Dangote in world ranking but also Nigerian students who wish to go for further studies abroad, with the new forex policy , Nigerians can't even carry out online transaction with foreign markets anymore, the cost of imported goods are now on the high sides.
Dangote, who worth over $20 billion during Jonathan's administration has been dropped to about $11 billion net worth with the new forex policy.
According to former President Jonathan, he said "he left Nigeria as a country with the largest economy in Africa". One may be wondering what position Nigeria is now in term of Economic ranking. Well if you can guess, good for you.
