.AlikoDangote lauds Tinubu’s forex policy despite losing $3bn | TheCable
Aliko Dangote, chairman of Dangote Group, has hailed President Bola Tinubu’s policies on subsidy removal and the elimination of multiple foreign exchange rates.
The development shrunk all FX windows into the investors & exporters window, allowing the naira to float — a trading system where the FX rate is determined by buyers and sellers.Introduced seven years after the CBN made a similar move in 2016, the new policy caused a ripple effect in the market, leading to further depreciation of an already battered local currency.reported that Aliko Dangote lost $3.12 billion, according to the Bloomberg Billionaire Index .
“All is great and things are going well and we also congratulated the president on the removal of subsidy,” the billionaire said. Dangote also explained that he visited Aso Villa with Bill Gates, co-chair of the Bill and Melinda Gates Foundation, to inform him of what they plan to do in Nigeria.“Our visit was a courtesy call. Bill Gates and I came in to congratulate the president for his successful election and also to brief him on what Bill and Melinda Gates Foundation and Aliko Dangote Foundation have been doing in Nigeria,” he said.
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