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Dangote loses N50b to flexible exchange’ policy

27 June 2016, 20:00

Lagos - Africa's Richest man and President of Dangote Group, Aliko Dangote has so far lost over N50 billion to the flexible foreign exchange policy, reports The Nation.

The flexible foreign exchange policy was introduced by the Central Bank of Nigeria (CBN) last week to replace the dual exchange rate policy.

Dangote disclosed this on Saturday when Vice President Yemi Osinbajo toured the project sites of Dangote Fertiliser and Dangote Refinery in Lekki, Lagos.

Dangote said the $161 million his companies bought during that period from the CBN merely reflected the size of his business and did not represent preferential treatment.

Also read: Nigeria's central bank agrees to flexible forex policy

According to him, operational costs of his firms totaled $100 million each month due to recurring expenses, such as the purchase of parts for cement production and running a fleet of 9 000 trucks.

- News 24


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